Cardano Price Bounces Up at $1.11 Support Level

ADA Price Analysis – May 25

Should the sellers interrupt the bulls’ pressure and gain enough momentum, ADA/USD may decline to $1.46, $1.31 and $1.11. Increase in the bulls’ momentum will increase the price to the resistance level of $1.64, the bullish momentum may extend to the resistance level of $1.87 and $2.08 level.

ADA/USD Market

Key Levels:

Resistance levels: $1.64, $1.87, $2.08

Support levels: $1.46, $1.31, $1.11

ADA/USD Long-term Trend: Bearish

On daily chart, Cardano is bullish. The bulls pushed cardano to the high of $2.30 ten days ago. A bearish engulfing candle formed at the same level which indicate the influx of the sellers. More pressure from the sellers with the formation of more bearish candles pushed down the price to $1.31 level. On May 24, a bullish engulfing candle formed which may trigger the bullish trend.

Cardano is making attempt to break up the dynamic resistance level and it is trading below the 9 periods EMA and 21 periods EMA at close contact. Should the sellers interrupt the bulls’ pressure and gain enough momentum, ADA/USD may decline to $1.46, $1.31 and $1.11. Increase in the bulls’ momentum will increase the price to the resistance level of $1.64, the bullish momentum may extend to the resistance level of $1.87 and $2.08 level. The technical indicator Stochastic Oscillator period 14 is at 40 levels with the signal line pointing upside which indicates a bullish signal.

ADA/USD Medium-term Trend: Bullish

Cardano is on the bullish movement on 4-hour chart. Cardano was under the control of the bears for more than two weeks. The bearish momentum pushes the price down to the support level at $1.11. The level was defended by the bulls with the formation of strong bullish engulfing candle. The price reverses and increases towards the resistance level of $1.64.

The price is trading above the 9 periods EMA and 21 periods EMA while the two EMAs are close to each other. The Stochastic Oscillator period 14 is above 70 levels and the signal line pointing up to indicate buy signal.

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