Cardano Price Is Awaiting a Breakout

6 April 2021 | Updated: 6 April 2021

ADA Price Analysis – April 06

Should the bulls are able to break up the price above $1.23 level, the resistance at $1.46 and $1.68 will be the target. Failure to break up the $1.23 level by the bulls may lead to the breakdown of $1.11 support level and the Cardano price may reduce to $0.98 and $0.83.

ADA/USD Market
Key Levels:

Resistance levels: $1.23, $1.46, $1.68

Support levels: $1.11, $0.98, $0.83

ADA/USD Long-term Trend: Ranging

ADA/USD is on the ranging movement on the daily chart outlook. Cardano was under the control of the bulls two weeks ago, the bears opposed the price increase and it was pushed down to $1.11 support level. The bears could not break down the $1.11 level. The bulls’ momentum is weak and could not break up the resistance level at $1.23. The price has been ranging withn the price levels of $1.23 and $1.11.

ADAUSD Daily chart, April 06

The two EMAs are close to each other and the crypto is trading over and around the 9 periods EMA and 21 periods EMA at moment as a sign of ranging movement. Should the bulls are able to break up the price above $1.23 level, the resistance at $1.46 and $1.68 will be the target. Failure to break up the $1.23 level by the bulls may lead to the breakdown of $1.11 support level and the Cardano price may reduce to $0.98 and $0.83. The relative strength index period 14 is flat at 50 levels to indicate ranging market signal.

ADA/USD Medium-term Trend: Ranging

On 4-hour chart, Cardano is ranging. Cardano could not continue to increase in price as the bears defends the resistance level of $1.23. The price tested the $1.11 level but unable to penetrate the level. The coin started ranging movement within $1.23 and $1.11.

ADAUSD 4-hour chart, April 06

The two EMAs are interlocked to each other which indicate that consolidation is in progress in Cardano market. The price is trading around and over the 9 periods EMA and 21 periods EMA as a sign of consolidation. However, the relative strength index period 14 is above 50 levels and the signal line is not exhibiting specific price direction.

 

 

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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.