ADA Price Analysis – August 31
Bullish trend may be halted at the resistance level of $3.0 and it may face the support levels at $2.6, if it is penetrated, $2.3 and $1.8 levels may be the target. In case the bulls defend the $2.6 level, price may continue its bullish movement towards $3.0, $3.3 and $3.7 resistance 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
On the daily chart, ADA/USD is bullish. Last week the coin remains under the control of the bulls. The bulls’ pressure has pushed the price to the significant resistance level at $3.0. The mentioned level holds and the price pushed back to test the dynamic support level. Bulls opposed the bearish movement and push up the price to retest the resistance level of $3.0 second time. Cardano is currently decreasing towards the support level at $2.6.
The price is trading above the 9 periods EMA and the 21 periods EMA at close contact and the two EMAs are well separated from each other as an indication of weak bullish momentum. Price may reverse at $3.0 level. Bullish trend may be halted at the resistance level of $3.0 and it may face the support levels at $2.6, if it is penetrated, $2.3 and $1.8 levels may be the target. In case the bulls defend the $2.6 level, price may continue its bullish movement towards $3.0, $3.3 and $3.7 resistance levels. The technical indicator Relative Strength Indicator is at 60 levels with the signal line pointing upside which indicate buy signal.
ADA/USD Medium-term Trend: Ranging
Cardano is on the ranging movement on the 4-hour chart. The coin has tested the resistance level of $3.0 twice last week. It seems that the bulls’ pressure is getting weak, also the bears’ pressure is not strong enough to break down the support level of $2.6. The price is ranging within $3.0 and $2.6 levels.
The price is trading around the 9 periods EMA and 21 periods EMA as a sign of consolidation movement. The relative strength index period 14 is at 50 levels and the signal line shows sell signal.
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