Cardano Price: Indecision Moment as Bears’ and Bulls’ Pressure at Equilibrium

Updated:

ADA Price Analysis – October 19

A breakout at $2.30 resistance level may push the coin to $2.68 and $3.0. On the other hand, a breakout at the support level of $1.87 may reduce the price to $1.64 and $1.46 levels. However, the relative strength index is at 40 levels pointing down to indicate sell signal.

ADA/USD Market

Key Levels:

Resistance levels: $2.30, $2.68, $3.0

Support levels: $1.87, $1.64, $1.46

ADA/USD Long-term Trend: Ranging

Cardano is on the ranging movement in the long term outlook. The crypto reduced to $1.87 support level and the sellers’ momentum failed. The bulls have not enough pressure to push up the coin above the resistance level of $2.30. This scenario led to ranging movement within $2.30 resistance level and $1.87 support level.

ADAUSD Daily chart, October 19

The 9 periods EMA is interlocked with the 21 periods EMA while the price is hovering over the two EMAs. Ranging movement may continue until there is a breakout at south or north. A breakout at $2.30 resistance level may push the coin to $2.68 and $3.0. On the other hand, a breakout at the support level of $1.87 may reduce the price to $1.64 and $1.46 levels. However, the relative strength index is at 40 levels pointing down to indicate sell signal.

ADA/USD Medium-term Trend: Ranging

Cardano was ranging in the 4-hour chart last week. The price is range-bound within the resistance level of $2.30 and Support level of $1.87, this might be due to weakness in the bulls’ and the bears’ momentum. Low volatility may continue in the Cardano market until there is a breakout.

ADAUSD 4-hour chart< October 19

The 9 periods EMA weaves around the 21 periods EMA and ADA price is trading around the two EMAs. The Relative Strength Index period 14 is at 40 levels pointing down to indicate a sell signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.