Cardano Price Gains Momentum for Bullish Movement

ADA Price Analysis – May 31

In case the buyers increase their momentum to push price above $0.74, the resistance levels of $1.01, and $1.26 may be tested. When the resistance level of $0.74 holds, the support levels of $0.42, $0.31 and $0.22 may be targeted.

ADA/USD Market

Key Levels:

Resistance levels: $0.56, $0.74, $1.01

Support levels: $0.42, $0.31, $0.22

ADA/USD Long-term Trend: Bullish

Cardano is bullish on daily chart. The struggling between the Buyers and sellers may be halted as the support level of $0.42 rejects further price decrease. The sellers struggled to push the price to the low of $0.42 level last week; that is the second time the price will be testing the mentioned level. The bulls defend the support level with the formation of bullish engulfing candle, this increases the price towards the resistance level of $0.74.

Cardano experiences a breakout at $1.42 yesterday and it moving towards the resistance level of $0.74 level. It has crossed the two EMAs upside before it pulled back. It currently trading above the 9 periods EMA and 21 periods EMA to establish a bullish trend. In case the buyers increase their momentum to push price above $0.74, the resistance levels of $1.01, and $1.26 may be tested. When the resistance level of $0.74 holds, the support levels of $0.42, $0.31 and $0.22 may be targeted. The relative Strength Index period 14 is at 57 levels with the signal line pointing upside which indicates buy signal.

ADA/USD Medium-term Trend: Bullish

Cardano is on the bullish movement on 4-hour chart. The bearish movement could not continue when the sellers pushed down Cardano to test the support level at $0.42 second time. The bulls reacted against the price decrease with the formation of bullish engulfing candle. The price started increasing and the resistance level of $0.56 is penetrated. Further price increase envisaged after the current pullback.

The price is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish trend. The relative strength index period 14 is at 89 levels and the signal line pointing up to indicate buy signal.

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