Cardano Price Experiences a Bullish Reversal at $0.23 Level

Buyers’ momentum is increasing

ADA Price Analysis – 04 July

Caradno may rise above the $0.29, $0.31, and $0.33 levels if buyers are successful in holding the $0.26 support level. If the $0.26 support level is broken, the $0.24 and $0.23 levels will be tested next.

Key Levels:

Resistance levels: $0.29, $0.31, $0.33

Support levels: $0.26, $0.24, $0.23

ADA/USD Long-term Trend: Bullish

Cardano is bullish on the Long-term outlook. When the Crypto encountered resistance at $0.37, the sellers gained momentum to push the price downside. The level had been hit when the bullish impulse had failed, according to a pin bar and powerful daily bearish candles that followed. Eventually, the price tested the $0.33 low support level. A range variation between $0.37 and $0.33 was seen for more than two weeks. In the end, the price dropped to test the $0.23 low of December, demonstrating the sellers’ success. It is currently reversing as the buyers’ momentum increases.

The 9-period exponential moving average is supporting Cardano, which is trading above the 21-period EMAs and the price is above the two. Price may rise above the $0.29, $0.31, and $0.33 levels if buyers are successful in holding the $0.26 support level. If the $0.26 support level is broken, the $0.24 and $0.23 levels will be tested next.

ADA/USD Medium-term Trend: Bullish

Cardano is trending upward on the 4-hour chart. In the 4-hour time frame, it appears that the price movement has resulted in a double-bottom chart pattern. ADAUSD continued to incline as a result of the positive reversal trend. Recently, as the bulls’ momentum outpaced the bears’, the market inclined from the $0.23 support level to the $0.29 resistance level. The $0.29 resistance level is tested, signaling that bulls are once again entering the market.

Since the price of Cardano is currently trading above both the 9-period and 21-period exponential moving averages, a buy signal has been generated. With its signal line at 60, the relative strength index period 14 has a buy signal and is moving upward.

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