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ADA Price Analysis – August 03
Should the buyers gain enough momentum and the daily candle closes above $1.3 level, ADA/USD may increase to $1.4 and $1.6. In case the sellers defend the $1.3 level, the bears’ pressure may likely reduce the price.
Resistance levels: $1.3, $1.4, $1.6
Support levels: $1.1, $0.9, $0.8
ADA/USD Long-term Trend: Bullish
ADA/USD was exhibiting a bearish movement towards the $0.98 price level till July 21 and that is the second time it touches the just mentioned level. The buyers gathered enough momentum to reject further price decrease at the support level of $0.9; this is seen on the daily chart with the formation of a strong bullish engulfing candle. The resistance level of $1.1 was penetrated upside and the price increases to $1.3. It is currently trying to break up the $1.3 price level.
Should the buyers gain enough momentum and the daily candle closes above $1.3 level, ADA/USD may increase to $1.4 and $1.6. In case the sellers defend the $1.3 level, the bears’ pressure may likely reduce the price. However, the next support levels can be found at $1.1, $0.9, and $0.8. The technical indicator Relative Strength Indicator is at 50 levels with the signal line pointing downside which indicates a bearish signal which may be a pullback.
ADA/USD Medium-term Trend: bullish
Cardano is on the bullish movement on the 4-hour chart. The crypto bounces up at $0.9 price level; this scenario commenced on July 21 when the coin tested the support level of $0.9 and the level hold the price. Attempt was made by the bulls to break up the resistance level of $1.1, the price increases above $1.3 yesterday but the bears were defending the level at the moment.
The price is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish movement. The relative strength index period 14 is at 40 levels and the signal line shows sell signal.
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