Cardano Price; Can ADA/USD Break Critical Resistance Level at $0.10?

Cardano Price; Can ADA/USD Break Critical Resistance Level at $0.10?

ADA Price Analysis – October 06

 Should the bulls gather enough pressure to break up and close above the resistance level at $0.10; the resistance levels of $0.11 and $0.13 may be reached. The inability to break up the resistance at $0.10 may lead to further consolidation or price reduction to the support levels at $0.08, $0.11, and $0.13.

ADA/USD Market
Key Levels:

Resistance levels: $0.10, $0.11, $0.13

Support levels: $0.08, $0.07, $0.05

ADA/USD Long-term Trend: Bullish

 Cardano price could not make much movement recently in the daily chart; this may be due to PresidentTrump testing positive for COVID-19 on 01 October and the inability of Trump to hold campaign rallies as well as a fundraiser event. The bullish momentum that commenced on September 24 pushed the coin to the next resistance level at $0.10. The bullish momentum became weak at the level and it started consolidating around the $0.10 price level.

ADAUSD Daily chart, October 06

The two EMAs are interlocked to each other as proof of consolidation movement in the Cardano market. The price is moving around the 9 periods and 21 periods EMA. Should the bulls gather enough pressure to break up and close above the resistance level at $0.10; the resistance levels of $0.11 and $0.13 may be reached. The inability to break up the resistance at $0.10 may lead to further consolidation or price reduction to the support levels at $0.08, $0.11, and $0.13. However, the relative strength index period 14 is at 50 levels pointing down to indicate a sell signal.     

 ADA/USD Medium-term Trend: Bullish

 ADA/USD is bullish in the 4-hour chart. Cardano price is currently trading above the two dynamic resistance levels at a close distance which indicates that the market is operating at low volatility. The 9 periods EMA and 21 periods EMA is interlocked to each other as a sign of consolidation.

ADAUSD 4-hour chart, October 06

The Relative Strength Index period 14 with its signal line is around 50 levels displaying no specific price direction. The breaking up of the resistance level at $0.1is highly envisaged which may place the ADA price at the $0.11 price level. 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.