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

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.

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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.