Cardano Price: A bullish Reversal at $0.34 Support Level

Buyers’ momentum may increase further

ADA Price Analysis – 30 May

Should buyers be able to hold the $0.38 support level, Caradno may rise over the $0.40, $0.41, and $0.44 levels. If the $0.38 support level is broken lower, the $0.34 and $0.33 levels will be tested next.

Key Levels:

Resistance levels: $0.40, $0.41, $0.44

Support levels: $0.38, $0.34, $0.33

ADA/USD Long-term Trend: Bullish

Cardano is bullish on the Long-term outlook. The coin has been under the control of the sellers since 16 April. That was when ADAUSD found resistance at the $0.46 level. The bullish momentum failed at the mentioned level, which was indicated by the formation of a pin bar, followed by strong daily bearish candles. Previously-used support levels of $0.41, and $0.40, turned into resistance levels. The price eventually tested the low support level of $0.34 on 11 May. Ranging movement last for more than two weeks within $0.40 and $0.38 levels. At the moment, the price is climbing higher.

The 9-period EMA and the 21-period EMA are being traded above by Cardano. The two EMAs, or exponential moving averages, support this. Should buyers be able to hold the $0.38 support level, the price may rise over the $0.40, $0.41, and $0.44 levels. If the $0.38 support level is broken lower, the $0.34 and $0.33 levels will be tested next. At a level of 54, the Relative Strength Index period 14 signal line is pointing up and giving a buy signal.

ADA/USD Medium-term Trend: Bullish

Cardano is trending upward on the 4-hour chart. It seems the price action has formed a double bottom chart pattern in the 4-hour time frame. This is a bullish reversal pattern and the price may increase further. In a recent rise, the bulls’ momentum surpassed the bears’, and the market climbed from the support level at the low of $0.34 to the resistance level of $0.38. Price is attempting to break through the $0.38 resistance level as it begins to rise.

The price of Cardano is trading above both the 9-period and 21-period exponential moving averages, generating a buy signal. The relative strength index period 14 with its signal line at 66 is pointing upward and carries a buy signal.

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