Cardano Price Breaks Up $0.33 Level Targeting $0.37 Resistance Level

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Bullish momentum increases in Cardano market

ADA Price Analysis – 17 January

In case the $0.37 resistance level is broken, buyers might become more motivated, pushing Cardano up to $0.40 and $0.41. Should sellers hold their position at the $0.37 resistance level, the price could fall to the $0.34, $0.33, and $0.31 support levels.

ADA/USD Market

Key Levels:

Resistance levels: $0.37, $0.40, $0.41

Support levels: $0.34, $0.33, $0.31

ADA/USD Long-term Trend: Bullish

The daily chart for Cardano exhibits a positive trend. After several weeks of bearish movement, the cryptocurrency found support at the $0.23 level. The sellers’ momentum weakened and they were unable to lower the price below $0.23. Purchasers picked up speed, and big bullish candles were made. The previous resistance levels of $0.31, $0.33, and $0.34 were broken by the rising price. The price is currently aiming for the $0.37 resistance level.

Cardano is moving in the direction of the 9-period EMA and 21-period EMA and is currently trading above the two dynamic support levels, which is a bullish sign. In case the $0.37 resistance level is broken, buyers might become more motivated, pushing the price up to $0.40 and $0.41. Should sellers hold their position at the $0.37 resistance level, the price could fall to the $0.34, $0.33, and $0.31 support levels. The Relative Strength Index period 14’s signal line is pointing up and is at a level of 79, indicating a strong buy signal.

ADA/USD Medium-term Trend: Bullish

On the 4-hour chart, Cardano is moving in a bullish direction. Prior to three weeks ago, the sellers’ enthusiasm picked up, and the $0.23 support level was tested twice. The price increased in the direction of the north after bouncing off the specified level. After testing the $0.34 resistance level, the price retreated before it eventually broke up the $0.33 resistance level. Bulls are currently dominating Cardano market.

The price of Cardano is trading over and around both the 9-period and 21-period EMAs, with the fast EMA closed to slow EMA as an indication of low volatility. The relative Strength Index Period 14 is at 58 levels, the signal line displaying no specific direction.

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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.