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ADA Price Analysis – September 07
In case Price reverse at $3.0 level, bearish movement may start towards the support levels at $2.6, $2.3 and $1.8. The breakout at the resistance level of $3.0 may lead to the continuation of bullish trend towards the $3.3 and $3.7 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: Ranging
On the daily chart, ADA/USD is ranging. The bulls successfully pushed the coin to the significant resistance level of $3.0 on 27 August with the formation of strong daily bullish candle. The price pulled back to retest the support level of $2.6. Both the mentioned resistance and support levels hold the price and the coin commences a ranging movement within the levels. This movement may continue until there is a breakout.
Cardano is trading above the 9 periods EMA and the 21 periods EMA at close contact and the two EMAs are separated from each other as an indication of weak bullish pressure. In case Price reverse at $3.0 level, bearish movement may start towards the support levels at $2.6, $2.3 and $1.8. The breakout at the resistance level of $3.0 may lead to the continuation of bullish trend towards the $3.3 and $3.7 levels. The technical indicator Relative Strength Indicator is at 60 levels with the signal line pointing downside which indicate sell signal.
ADA/USD Medium-term Trend: Ranging
Cardano is on the ranging movement on the 4-hour chart. The crypto is range-bound within the resistance level of $3.0 and support level of $2.6. The coin tested the resistance level of $3.0 thrice. The bulls’ pressure became weak, also the bears’ pressure is not strong enough to break down the support level of $2.6.
The price is hovering around the 9 periods EMA and 21 periods EMA as a sign of consolidation movement. The relative strength index period 14 is at 40 levels and the signal line exhibiting sell signal.
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