Cardano Price Awaiting a Fresh Breakout

Cardano Price Awaiting a Fresh Breakout

 ADA Price Analysis – August 05

 Should the buyers gain more momentum and the daily candle closes above $0.15 level, ADA/USD may increase to $0.17 – $0.19. In case the sellers defend the $0.15 level, the bear pressure may likely reduce the price.

ADA/USD Market

Key Levels:

Resistance levels: $0.15, $0.17, $0.19

Support levels: $0.13, $0.11, $0.10

 

ADA/USD Long-term Trend: Bullish

 ADA/USD was exhibiting a range-bound movement within $0.11 and $0.13 price level till July 24. The buyers gathered enough momentum to break up the resistance level of $0.13 on July 25; this is seen on the daily chart with the formation of strong bullish candles. The resistance level of $0.15 was penetrated many times but rejected by the bears’ pressure. It is currently ranging within the $0.13 and $0.15 price levels. 

ADAUSD Daily chart, August 05

Should the buyers gain enough momentum and the daily candle closes above $0.15 level, ADA/USD may increase to $0.17 – $0.19. In case the sellers defend the $0.15 level, the bear pressure may likely reduce the price. However, the next support levels can be found at $0.13, $0.11, and $0.10. The technical indicator RSI is above 50 levels with the signal line pointing upside which indicates a bullish signal.

 

ADA/USD Medium-term Trend: bullish

 Cardano is on the ranging mode in a 4-hour chart. The crypto is range-bound within the resistance level at $0.15 and the support level at $0.13; this scenario commenced on July 26 when the coin tested the resistance level of $0.15 and the level hold the price. Many attempts were made by the bears to break down the support level of $0.13 but the bulls were defending the level. 

ADUSD 4-hour chart, August 05

The two EMAs are interlocked to each other and the price is hovering over the 9 periods EMA and 21 periods EMA as a sign of consolidation while the relative strength index period 14 is at 60 levels and the signal line shows no specific direction.

It is advisable to place Buy limit order at $0.1336, take profit at $0.1554, and stop-loss at $0.1203. 

 

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