Cardano Price Bounces Up at $0.41 Level, Targeting $0.54

Updated:

ADA Price Analysis: September 06

Should the buyers exert more pressure on the market, the resistance level of $0.54 will be penetrated and the resistance levels of $0.69 and $0.90 may be reached. Inability to break up the $0.54 level by the bulls may lead to decrease in price to support levels at $0.47, $0.41 and $0.30 levels

ADA/USD Market

Key Levels:

Resistance levels: $0.54, $0.69, $0.90

Support levels: $0.47, $0.41, $0.30

ADA/USD Long-term Trend: Bullish

On the daily chart, Cardano is on the bullish movement. The crypto found support at the previous low of $0.41 level. The bearish movement could not continue when a bullish engulfing candle formed and the bullish movement commenced. The price has broken the resistance level of $0.47 level upside. The price is expose to the resistance level of $0.54 at the moment.

Cardano is trading above the 9 periods EMA and 21 periods EMA. Should the buyers exert more pressure on the market, the resistance level of $0.54 will be penetrated and the resistance levels of $0.69 and $0.90 may be reached. Inability to break up the $0.54 level by the bulls may lead to decrease in price to support levels at $0.47, $0.41 and $0.30 levels. The technical indicator relative Strength Index period 14 is at 56 levels with the signal line pointing upside which indicates a bullish signal.

ADA/USD Medium-term Trend: Bullish

On 4-hour chart, Cardano is on the bullish movement. The resistance level of $0.54 holds the price. The coin falls to the support level of $0.41, the just mentioned level remains strong against the price. The Crypto bounced up towards north side. The resistance level of $0.47 is broken upside and the price targeting $0.54 level.

The crypto is trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 63 levels and the signal line pointing up to indicate buy 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.