Cardano Price Is Range-Bound Within $0.54 and $0.42 Levels

Updated:

ADA Price Analysis – August 02

When there is a break down at the $0.42 level by the bears, price may decrease to support levels at $0.30 and $0.22 levels. In case the buyers exert more pressure on the market, the resistance level of $0.54 will be penetrated and the resistance levels of $0.69 and $0.90 may be reached.

ADA/USD Market

Key Levels:

Resistance levels: $0.54, $0.69, $0.90

Support levels: $0.42, $0.30, $0.22

ADA/USD Long-term Trend: Ranging

On the daily chart, Cardano is on the ranging movement. The resistance level of $0.54 holds and Buyers are yet to break up the mentioned level due to low momentum. Likewise, the support level of $0.42 is opposing the Sellers’ momentum. Movement within the $0.54 and $0.42 levels continues in the Cardano market. Ranging movement within the mentioned levels continues in the Cardano market untill there is a breakout.

Cardano is trading between the 9 periods EMA and 21 periods EMA. When there is a break down at the $0.42 level by the bears, price may decrease to support levels at $0.30 and $0.22 levels. In case the buyers exert more pressure on the market, the resistance level of $0.54 will be penetrated and the resistance levels of $0.69 and $0.90 may be reached. The technical indicator relative Strength Index period 14 is at 49 levels with the signal line pointing downside which indicates a bearish signal.

ADA/USD Medium-term Trend: Ranging

On 4-hour chart, Cardano is on the ranging movement. The resistance level of $0.54 holds, and the support level of $0.42 remains strong against the price. The Crypto continue a range-bound movement within the mentioned levels above. The momentum of sellers is increasing at the moment and buyers’ pressure remain low in the Cardano market. Cardano price may reach previous low at $0.42 level.

The crypto is trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 38 levels and the signal line pointing down to indicate 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.