Bulls are dominating Cardano market
ADA Price Analysis – 10 January
In case the resistance level of $0.33 fails to hold, buyers may gain more impetus, and Cardano may increase to $0.34 and $0.37. The price may decrease to the $0.31, $0.29, and $0.26 resistance levels if sellers maintain their position at the $0.33 resistance level.
ADA/USD Market
Key Levels:
Resistance levels: $0.33, $0.34, $0.37
Support levels: $0.31, $0.29, $0.26
ADA/USD Long-term Trend: Bullish
Cardano’s daily chart shows a bullish trend. The Crypto found support at the $0.23 level after many weeks of bearish movement. The sellers’ momentum became weak and could not push the price below the $0.24 level. Purchasers gained momentum and strong bullish candles were produced. The price increased and broke up the former resistance levels of $0.26, $0.29, and $0.31. At the moment, the price is targeting the resistance level of $0.33.
Cardano is trading above the dynamic support levels at distance and is heading in the direction of the 9-period EMA and 21-period EMA, which is a positive activity. In case the resistance level of $0.33 fails to hold, buyers may gain more impetus, and the price may increase to $0.34 and $0.37. The price may decrease to the $0.31, $0.29, and $0.26 resistance levels if sellers maintain their position at the $0.33 resistance level. The signal line on the Relative Strength Index period 14 is pointing upward and is at 72 levels indicating a strong buy signal.
ADA/USD Medium-term Trend: Bullish
Cardano is on a bullish movement on the 4-hour chart. The sellers’ momentum increased two weeks ago and the low of $0.23 support level has been tested twice. The price bounced up from the mentioned level and increased toward the north. The resistance level of $0.34 was tested and it pulled back to retest the support level of $0.31. Bulls are gradually returning to the market with increased momentum.
The price of Cardano is trading above both the 9-period and 21-period EMAs, with the fact that the fast EMA has crossed the slow EMA upside. The relative Strength Index Period 14 is at 74 levels, and the signal line heading upward denotes a buy signal.
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