Cardano (ADA/USD) Price May Bounce at Support Level of $0.75

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ADA Price Analysis – March 22

In case there is an increase in the bulls’ momentum, $1.01 resistance level may be penetrated upside, then, price may increase further to $1.26 and $1.61 resistance levels. Bearish movement may commence towards the support levels at $0.75, $0.70 and $0.60 provided $1.01 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: Ranging

ADA/USD is ranging on the daily chart. The momentum of the bulls and that of the bears has been very low in the daily chart. This has led to the ranging of the price within the resistance level of $1.01 and support level of $0.75. It seems the bulls are trying to gain more pressure towards the resistance level of $1.01. Price may increase further as the bulls are preparing to dominate the market.

Cardano is trading above the 9 periods EMA and the 21 periods EMA, as an evidence of an increase in the bulls’ pressure. In case there is an increase in the bulls’ momentum, $1.01 resistance level may be penetrated upside, then, price may increase further to $1.26 and $1.61 resistance levels. Bearish movement may commence towards the support levels at $0.75, $0.70 and $0.60 provided $1.01 level holds. The technical indicator Relative Strength Indicator is at 57 levels with the signal line pointing up indicate buy signal.

ADA/USD Medium-term Trend: Ranging

Cardano is on the ranging movement in the 4-hour chart. The support level of $0.75 holds and the bearish momentum could not break down the mentioned support level. The bulls’ momentum is gradually increasing towards the resistance level $1.01. 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 above the 9 periods EMA and 21 periods EMA as a sign of increase of bulls’ momentum. The relative strength index period 14 is at 72 levels and the signal line exhibiting bullish direction.

 

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