Cardano Price Is Bouncing Up at $0.23 Level

Bulls’ momentum is increasing

 ADA Price Analysis – 19 September

If buyers are successful in keeping the price above the $0.26 resistance level, Cardano may increase to the $0.28 and $0.30 levels. The $0.23 and $0.22 support levels will be tested if the $0.24 support level is breached.

Key Levels:

Resistance levels: $0.26, $0.28, $0.30

Support levels: $0.24, $0.23, $0.22

ADA/USD Long-term Trend: Bullish

On the daily chart, Cardano’s outlook is bullish. At the moment, price is trying to bounce up to commence a bullish trend. The price increased and tested $0.37 resistance level on 14 July. The sellers stepped up their efforts to drive down the ADA price to the support level of $0.24. Bearish momentum increased and the price decreased further to $0.23 support level on 11 September. Buyers are defending the just mentioned level and the price is increasing gradually.

Given that Cardano is trading slightly above both the 9- and 21-period exponential moving averages, Cardano is now in a bullish movement. If buyers are successful in keeping the price above the $0.26 resistance level, the price may increase to the $0.28 and $0.30 levels. The $0.23 and $0.22 support levels will be tested if the $0.24 support level is breached.

ADA/USD Medium-term Trend: Bullish

According to the 4-hour chart, Cardano is in a positive trend. The coin has been experiencing a downward during the previous five weeks. Cardano tested $0.23 on September 11, but buyers are halting future decreases. Buyers were able to protect the $0.23 support level in the face of heightened positive pressure. After crossing the $0.24 threshold, the price put up a fight against $0.24 and currently bouncing up above $0.24 level.

Since the price of Cardano is currently trading above both the 9-period and 21-period exponential moving averages, a favorable signal has been generated. The relative strength index period 14 is rising due to a purchase signal with a signal line at level 56.

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