Cardano Price Is Range-Bound Within $1.32 and $1.11 Levels

Updated:

ADA Price Analysis – December 21

When there is an increase in the bears’ pressure, price may be pushed down to the support level of $0.98, below it is $0.82 level. Failure to break down the $1.11 by the bears may lead to price reversal and this may increase the price to resistance levels at $1.32, $1.46 and $2.64.

ADA/USD Market

Key Levels:

Resistance levels: $1.32, $1.46, $1.64

Support levels: $1.11, $0.98, $0.82

ADA/USD Long-term Trend: Bearish

Cardano is bearish on daily chart. There was no significant movement in the Cardano market last week. The support level of $1.116 is tested and the bears’ momentum became weak, price is unable to break it downside. The bulls’ pressure is equally weak and could not push up the price. This scenario leads to price consolidation within the resistance level of $1.32 and $1.11 levels.

ADAUSD Daily chart, December 21

Cardano retain its trading below the 9 periods EMA and 21 periods EMA after broken down the dynamic support levels. When there is an increase in the bears’ pressure, price may be pushed down to the support level of $0.98, below it is $0.82 level. Failure to break down the $1.11 by the bears may lead to price reversal and this may increase the price to resistance levels at $1.32, $1.46 and $2.64. The technical indicator relative Strength Index period 14 is parallel to the 40 levels with the signal line displaying no specific direction.

 

ADA/USD Medium-term Trend: Ranging

 

Cardano is on the ranging movement on 4-hour chart. Cardano has been under the control of the bears for many days. The bearish momentum is gradually pushing the price down to break the support level of $1.32. The price now exposed to the support level of $1.116.

ADAUSD 4-hour chart, December 21

The price is trading around the 9 periods EMA and 21 periods EMA while the two EMAs are interlocked to each other. The relative strength index period 14 is at 50 levels and the signal line pointing up to indicate buy 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.