Cardano Price: Bullish Pressure at $1.23 Resistance Level, Price Increase Envisaged

30 March 2021 | Updated: 30 March 2021
ADA Price Analysis – March 30

When the bulls are able to push up the price above $1.23 level, the resistance at $1.46 and $1.68 will be the target. Inability to break up the $1.23 level by the bulls may result to further price consolidation. The support levels below current price are found at $1.11, $0.98, and$0.83

ADA/USD Market
Key Levels:

Resistance levels: $1.23, $1.46, $1.68

Support levels: $1.11, $0.98, $0.83

ADA/USD Long-term Trend: Bullish

ADA/USD is bullish on the daily chart outlook. Last week, the price direction was towards south; that is, it was bearish. The price changed direction when the price hits a support level at $0.98. Daily strong bullish candles are produced and Cardano increases to $1.23 resistance level. Cardano price experience a partial breakout at the $1.23 level but has no pressure to sustain the breakout. The price is currently consolidating around $1.23 level.

ADAUSD Daily chart, March 30

The crypto is trading above the 9 periods EMA and 21 periods EMA at moment as a sign of bullish movement. When the bulls are able to push up the price above $1.23 level, the resistance at $1.46 and $1.68 will be the target. Inability to break up the $1.23 level by the bulls may result to further price consolidation. The support levels below current price are found at $1.11, $0.98, and$0.83. The relative strength index period 14 is flat at 50 levels to indicate ranging market signal.

ADA/USD Medium-term Trend: Bullish

Cardano is bullish on 4-hour chart. The coin bounces from the support level at $1.11 to the resistance level at $1.22. Cardano has being consolidating around $1.23 level. At the moment, the bulls are exerting pressure to break up $1.23 price level.

ADAUSD 4-hour chart, March 30

The two EMAs are close to each other which indicate low momentum in the Cardano market.  The price is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish movement. However, the relative strength index period 14 is above 40 levels and the signal line pointing towards north as a bullish 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.