ADA Price Analysis – February 23
The price may increase to $1.23 – $1.31 should the bulls gain more momentum and the daily candle closes above the $1.11 level. In case the bears defend the $1.11 level, the bears’ pressure may likely reduce the price.
ADA/USD Market
Key Levels:
Resistance levels: $1.11, $1.23, $1.31
Support levels: $0.98, $0.83, $0.73
ADA/USD Long-term Trend: Bullish
ADA/USD was exhibiting a range-bound movement within the $0.38 and $0.43 price level till February 03. The buyers gathered enough momentum to break up the resistance level of $0.43 on February 06; this is seen on the daily chart with the formation of strong bullish candles. The resistance level of $0.73, $0.83, and $0.98 were penetrated upside by the bulls’ pressure. It is currently pulling back from the resistance level of $1.11.
ADA/USD may increase to $1.23 – $1.31 should the buyers gain more momentum and the daily candle closes above the $1.11 level. In case the sellers defend the $1.11 level, the bear pressure may likely reduce the price. However, the next support levels can be found at $0.98, $0.83, and $0.73. The technical indicator RSI is at 70 levels with the signal line pointing downside which indicates a bearish signal.
ADA/USD Medium-term Trend: Bearish
Cardano is under the pressure of the sellers in the 4-hour chart. The crypto was range-bound within the resistance level at $0.98 and the support level at $0.83 last two weeks; this scenario commenced on February 12 when the coin tested the resistance level of $0.98 and the level hold the price. Attempts were made by the bears and the bulls to break down the support level of $0.83 and resistance level of $0.98 respectively but the bulls prevailed on February 20 to test the $1.23 level.
The bulls’ pressure is getting weak and bears are dominating with the price trading below the 9 periods EMA and 21 periods EMA as a sign of bearish movement while the relative strength index period 14 is at 50 levels and the signal line showing a bearish signal.
.
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.