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.

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.

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.