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ADA Price Analysis – August 24
After the pullback, bullish trend may continue, the resistance level of $3.0 may be broken upside and the price may increase to $3.3 and $3.7 resistance levels. In case the bears defend the $3.0 level, price may reverse towards $2.6, $2.3 and $1.8 support levels
ADA/USD Market
Key Levels:
Resistance levels: $3.0, $3.3, $3.7
Support levels: $2.6, $2.3, $1.8
ADA/USD Long-term Trend: Bullish
ADA/USD is bullish on the daily chart. The bulls still hold to the Cardano market after the formation of triple bottom chart pattern. Bulls continue to exert more pressure on Cardano market. The price tested $2.3 level and pulls back to retest the $1.8 level. Bulls gained more strength and the price broke up the former resistance levels of $2.3 and $2.6. Yesterday, Cardano price tested the resistance level of $3.0.
The price is trading above the 9 periods EMA and the 21 periods EMA at a distance and the two EMAs are well separated from each other as an indication of strong bullish momentum. Price retracement is a phenomenon in a trending market. After the pullback, bullish trend may continue, the resistance level of $3.0 may be broken upside and the price may increase to $3.3 and $3.7 resistance levels. In case the bears defend the $3.0 level, price may reverse towards $2.6, $2.3 and $1.8 support levels. The technical indicator Relative Strength Indicator is at over bought (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 are pushing up the price above the $2.3 level. The resistance level of $2.6 is broken upside after a short price retracement. The price is currently testing the resistance level of $3.0. Cardano price may reverse at $3.0 level.
The price is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish trend. The relative strength index period 14 is below 70 levels and the signal line shows sell signal.
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