ADA Price Analysis – March 15
In case there is an increase in the bears’ momentum, $0.75 support level may be penetrated downside, then, price may reduce further to $0.70 and $0.60 support levels. Bullish movement may commence towards the resistance levels at $1.01 and $1.26 and $1.61 provided $0.75 level holds.
ADA/USD Market
Key Levels:
Resistance levels: $1.01, $1.26, $1.61
Support levels: $0.75, $0.70, $0.60
ADA/USD Long-term Trend: Bearish
ADA/USD is bearish on the daily chart. The Crypto broke out of the ranging zone last two weeks where it was dangling within $1.26 and $1.01 levels. The sellers eventually prevailed and broke down the support level of $1.01. The price reached the support level of $0.75. The just mentioned level holds. Buyers tried to push up the price above $1.01 but sellers defended the level. The price is currently consolidating within $1.01 and $0.75 levels.
Cardano is trading below the 9 periods EMA and the 21 periods EMA, as an evidence of a downward trend after crossed the two EMAs downside. In case there is an increase in the bears’ momentum, $0.75 support level may be penetrated downside, then, price may reduce further to $0.70 and $0.60 support levels. Bullish movement may commence towards the resistance levels at $1.01 and $1.26 and $1.61 provided $0.75 level holds. The technical indicator Relative Strength Indicator is at 37 levels with the signal line parallel displaying no specific direction.
ADA/USD Medium-term Trend: Ranging
Cardano is on the ranging movement in the 4-hour chart. The bearish momentum could not break down the support level of $0.75. The bulls’ pressure equally becomes low. Cardano market is currently experiencing a ranging movement within the $1.01 resistance level and $0.75 support level. The coin is awaiting a breakout.
The price is trading over and around the 9 periods EMA and 21 periods EMA as a sign of consolidating market. The relative strength index period 14 is at 46 levels and the signal line exhibiting no specific direction.
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