Cardano Price: Bulls Defend $0.98 Level and Dominate

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ADA Price Analysis – February 08

In case the buyers increase their momentum, the resistance level of $1.30 may be penetrated and the resistance level of $1.52 and $1.64 may be tested. In case the bears defend the resistance level of $1.30, sellers may push down the price towards $1.11, $0.98 and $0.83 levels.

ADA/USD Market

Key Levels:

Resistance levels: $1.30, $1.52, $1.64

Support levels: $1.11, $0.98, $0.83

ADA/USD Long-term Trend: Bullish

Cardano is bullish on daily chart. Buyers could not push up the price above the resistance level of $1.64 on January 17. Bears took over the market with the formation of strong daily bearish candles. Price declined to $0.98 support level after penetrating $1.3and $1.1 support level downside on 22 January. The price consolidate for many days at the mentioned level. Buyers gained momentum on February 04 and break up $1.11 level. At the moment, Buyers are dominating the market.

Cardano is trading above the 9 periods EMA and 21 periods EMA which indicate an increase in bullish momentum. In case the buyers increase their momentum, the resistance level of $1.30 may be penetrated and the resistance level of $1.52 and $1.64 may be tested. In case the bears defend the resistance level of $1.30, sellers may push down the price towards $1.11, $0.98 and $0.83 levels. The relative Strength Index period 14 is at 60 levels with the signal line pointing up level which connote buy signal.

ADA/USD Medium-term Trend: Bullish

Cardano is on the bullish movement on 4-hour chart. The bearish movement was interrupted at the support level of $0.98. The price started a ranging movement within the support level of $0.98 and $1.11 levels.  The ranging movement ended when the bulls gain more pressure and the resistance level of $1.11 was broken upside. It is currently targeting the resistance level of $1.30.

The price is trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is above 70 levels and the signal line pointing up to indicate buy 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.