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In the Cardano market, buyers are in charge
ADA Price Analysis – 19 December
If sellers can maintain the price below the $0.54 support level, it might go as low as $0.50 or $0.48. The resistance levels at $0.62 and $0.65 will be looked at if the $0.58 barrier is broken.
Key Levels:
Resistance levels: $0.58, $0.62, $0.65
Support levels: $0.54, $0.50, $0.48
ADA/USD Long-term Trend: Bullish
Cardano has shown a positive trend on its daily chart. A clear bullish reversal pattern on the chart called a double bottom formed at the $0.26 support level. Levels of resistance between $0.48 and $0.50 turned into levels of support as the market began to ascend. A few weeks ago, there was a bullish daily candle, and the price tested and broke over the $0.65 level. It retreated to the $0.58 level. The price of Cardano is presently above the $0.58 level by trading above that threshold.
Cardano’s trading above the 21- and 9-exponential moving averages indicates that the market is being driven by bulls. If sellers can maintain the price below the $0.54 support level, it might go as low as $0.50 or $0.48. The resistance levels at $0.62 and $0.65 will be looked at if the $0.58 barrier is broken.
ADA/USD Medium-term Trend: Bullish
Cardano’s 4-hour chart indicates an upward trend. On the 4-hour chart, it tested the $0.65 resistance level last week before pulling back. When the $0.58 level was retested, the bulls prevailed over the bears and the upward trend persisted. Cardano attempted to cross the $0.58 mark as the bulls’ power increased. It is possible to overcome the $0.62 upward hurdle.
It is encouraging that Cardano’s price is currently above 9- or 21-period exponential moving averages. Taking into consideration that the present rise in the relative strength index period 14 is consistent with a buying signal and a signal line at level 65.
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