Cardano (ADA/USD) Price Approaches a Potential Reversal Level

Azeez Mustapha
17 August 2021 | Updated: 17 August 2021

ADA Price Analysis – August 17

Bullish trend may continue when the buyers, gain more momentum, the resistance level of $2.0 may be penetrated upside, the price may increase to $2.3 and $2.5 resistance levels. In case the bears exert more pressure, price direction may change to $1.8, $1.6 and $1.4 support levels.

ADA/USD Market

Key Levels:

Resistance levels: $2.0, $2.3, $2.5

Support levels: $1.8, $1.6, $1.4

 

ADA/USD Long-term Trend: Bullish

 

On the daily chart, ADA/USD is bullish. Cardano soars towards north after the formation of triple bottom chart pattern. Bulls continue to dominate Cardano market as the bear lose their momentum at the support level of $1.4. The former resistance levels of $1.6 and $1.8 has turned to support levels. Yesterday, the resistance level of $2.3 was tested after broken up the $2.0 level. At the moment, the price is pulling back to retest the broken level.

ADAUSD daily chart, August 17

The price is trading above the 9 periods EMA and the 21 periods EMA and the two EMAs are well separated from each other as an indication of strong bullish momentum. Bullish trend may continue when the buyers, gain more momentum, the resistance level of $2.0 may be penetrated upside, the price may increase to $2.3 and $2.5 resistance levels. In case the bears exert more pressure, price direction may change to $1.8, $1.6 and $1.4 support levels. The technical indicator Relative Strength Indicator is at 80 levels with the signal line pointing downside which indicate sell signal.

ADA/USD Medium-term Trend: bullish

Cardano is on the bullish movement on the 4-hour chart. The bulls have pushed the price above the $2.0 level. The resistance level of $2.3 was tested yesterday but it seems the level is holding and the price may reverse. The price has tested the resistance level of $2.3 more than two times and it has no enough pressure to break it up.

ADAUSD 4 hour chart, August 17

The price is trading between the 9 periods EMA and 21 periods EMA as a sign of bearish reversal. The relative strength index period 14 is below 60 levels and the signal line shows sell signal.

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Azeez Mustapha

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.