Cardano Price: $0.34 Resistance Level Is Broken Upside, Targeting $0.37

Azeez Mustapha


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Buyers are dominating Cardano market

ADA Price Analysis – 14 March

When buyers are successful in holding the $0.35 support level, Cardano may rise above $0.37, $0.38, and $0.41 levels. In case the support level of $0.35 is broken downward, at which time $0.33 and $0.31 may be tested.

ADA/USD Market

Key Levels:

Resistance levels: $0.37, $0.38, $0.41

Support levels: $0.35, $0.33, $0.31

ADA/USD Long-term Trend: Bullish

Cardano is bullish on the Long-term outlook. More than three weeks ago, sellers ruled the market. It decline and leveled off at $0.31. As a bullish engulfing candle forms, the buyers gain the upper hand over the sellers. The upside resistance levels of $0.31, $0.33, and $0.35 are penetrated by ADA as it inclines. The $0.31 support level was tested, but the buyers resisted the action immediately. The cryptocurrency is inclining at the moment exposed to $0.37 level.

Cardano is trading above the two dynamic support levels, falling in line with the two exponential moving averages (EMAs), and the 9-period EMA has crossed the 21-period EMA, all of which point to active buyers. When buyers are successful in holding the $0.35 support level, the price could rise above $0.37, $0.38, and $0.41 levels. In case the support level of $0.35 is broken downward, at which time $0.33 and $0.31 may be tested. However, buyers may grow more enthused. The Relative Strength Index period 14 signal line is heading higher at a level of 55, indicating a buy signal.

ADA/USD Medium-term Trend: Bullish.

On the 4-hour chart, Cardano is moving in a bullish way. The market fell below the $0.33 level as the momentum of the bears appear to be stronger than that of the bulls a few weeks ago. It eventually found support at the $0.31 level. Bulls swim into action and the price increases. After surmounting the $0.33 and $0.35 resistance levels to the upside, the price is heading toward $0.37 resistance level.

The price of Cardano is trading above the 9-period and 21-period EMAs, with the two EMAs distance from each other. The relative Strength Index Period 14 is at 72 levels, the signal line displaying bullish direction.

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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.

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