Cardano Price: $0.42 Support Level Holds, Ranging Movement Commences
Login

Cardano Price: $0.42 Support Level Holds, Ranging Movement Commences

Estimated Reading Time: 3 minutes

Azeez Mustapha

Updated:


ADA Price Analysis – June 21

Inability to break down the $0.42 level by the bears may lead to an increase in price to resistance levels at $0.54, $0.69 and $0.90. Should the sellers exert more pressure on the market, the support level of $0.42 will be penetrated and the support levels of $0.30 and $0.22 may be reached.

ADA/USD Market

Key Levels:

Resistance levels: $0.54, $0.69, $0.90

Support levels: $0.42, $0.30, $0.22

ADA/USD Long-term Trend: Ranging

Cardano is on the ranging movement on the daily chart. The bulls and bears are not making any significant movement in the Cardano market last week. The resistance level of $0.54 withstand the momentum of the bulls, the price could not break up the level. In the same way, the barrier at the support level of $0.42 is stronger than the force of the bears. The price is ranging within the two levels mentioned above.

Cardano is trading over and around the 9 periods EMA and 21 periods EMA. Inability to break down the $0.42 level by the bears may lead to an increase in price to resistance levels at $0.54, $0.69 and $0.90. Should the sellers exert more pressure on the market, the support level of $0.42 will be penetrated and the support levels of $0.30 and $0.22 may be reached. The technical indicator relative Strength Index period 14 is at 42 levels with the signal line pointing downside which indicates a bearish signal.

ADA/USD Medium-term Trend: Ranging

Cardano is on the ranging movement on 4-hour chart. The bullish momentum could not push the price above the resistance level of $0.69. On May 30. When the support level of $0.42 was reached, Cardano price pulled back to retest the broken level of $0.54. The level was defended by the bears with the formation of strong bearish engulfing candle. The price reverses and decreases towards the support level of $0.42. At the moment, the price is trading within $0.54 and $0.42 levels.

At the moment, Cardano price is trading over and around the 9 periods EMA and 21 periods EMA as a sign of ranging market. The relative strength index period 14 is at 49 levels and the signal line pointing down to indicate sell signal.

You can purchase crypto coins here: Buy LBlock

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News