Cardano (ADA/USD) Price: Is This a Pullback or Reversal?

Updated:

ADA Price Analysis – August 16

Bullish movement may continue towards the support levels at $0.62, and $0.66 provided $0.58 does not hold. In case bears’ momentum increase, $0.54 level may be broken down, price may decrease further to $0.42 and $0.35 support levels.

ADA/USD Market

Key Levels:

Resistance levels: $0.58, $0.62, $0.66

Support levels: $0.54, $0.42, $0.35

ADA/USD Long-term Trend: Bullish

ADA/USD is on the bullish movement on the daily chart. Since last two weeks, Buyers and sellers are at logger heads with each other in the Cardano market. Buyers were defending the support level of $0.42, preventing further price reduction. Also, Sellers were defending the resistance level of $0.54 making it impossible for price increase.  Cardano started a ranging movement within the above mentioned level. On August 13, buyers’ pressure increases and the former resistance level of $0.54 was penetrated and $0.58 level was tested.

Cardano is above the 9 periods EMA and the 21 periods EMA, as an evidence of a bullish market. Bullish movement may continue towards the support levels at $0.62, and $0.66 provided $0.58 does not hold. In case bears’ momentum increase, $0.54 level may be broken down, price may decrease further to $0.42 and $0.35 support levels. The technical indicator Relative Strength Index is at 59 levels with the signal line pointing upside to indicate buy signal.

ADA/USD Medium-term Trend: Bullish

Cardano is on the bullish movement in the 4-hour chart. The price tested the support level of $0.42 twice. It was unable to break it down. Buyers gain momentum and cardano market is experiencing high volatility. The price increases to test the resistance level of $0.58. It is currently pulling back.

The price is hovering over the two EMAs and the 9 periods EMA and 21 periods EMA are interlocked to each other as an indication of ranging market. The relative strength index period 14 is at 49 levels and the signal line exhibiting sell signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.