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ADA Price Analysis – June 29
Should the buyers increase their momentum, the resistance level of $1.46 will be penetrated and the resistance levels of $1.64 and $1.87 may be tested. Inability to break up the $1.46 by the bulls may lead to a decrease in price to support levels at $1.11, $0.98 and $0.83.
Resistance levels: $1.46, $1.64, $1.87
Support levels: $1.11, $0.98, $0.83
ADA/USD Long-term Trend: Bullish
Cardano is bullish on daily chart. The sellers were in control of the Cardano market past two weeks. The bearish momentum has pushed the coin to find support at $0.98 price level. The price action has formed a morning star chart pattern at just mentioned support levels. The bullish momentum has been triggered and the price is increasing towards $1.46 resistance level.
Cardano is trying to cross the two EMAs upside but currently trading between the 9 periods EMA and 21 periods EMA to establish a bullish trend. Should the buyers increase their momentum, the resistance level of $1.46 will be penetrated and the resistance levels of $1.64 and $1.87 may be tested. Inability to break up the $1.46 by the bulls may lead to a decrease in price to support levels at $1.11, $0.98 and $0.83. The technical indicator relative Strength Index period 14 is at 50 levels with the signal line pointing upside which indicates further price increase.
ADA/USD Medium-term Trend: Bearish
Cardano is on the bullish movement on 4-hour chart. The bears push down Cardano to test the support level at $0.98. The bulls reacted against the price decrease with the formation of bullish engulfing candle. The price started increasing and the resistance level of $1.31 is broken upside. Further price increase envisaged as the price is above $1.31 level.
The price is trading above the 9 periods EMA and 21 periods EMA while the two EMAs are separating from each other. The relative strength index period 14 is at 60 levels and the signal line pointing up to indicate buy signal.
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