ADA Price Analysis – August 11
The buyers will have to gain enough momentum to push up the price and close above $0.15 level before Cardano can experience an increase in price to $0.17 and $0.19. The inability to break up the resistance level at $0.15 by the bulls may lead to ranging movement continuation.
ADA/USD Market
Key Levels:
Resistance levels: $0.15, $0.17, $0.19
Support levels: $0.13, $0.11, $0.10
ADA/USD Long-term Trend: Ranging
The crypto is ranging in the daily chart. Last week it was on the bullish movement, the price reached the resistance level of $0.15 but the bulls lose the momentum. A daily bearish candle emerged to push the price below the support level of $0.13; the bulls defended the mentioned level and unable to break down the support level. The coin began to range within the $0.15 and $0.13 price level.
The two EMAs are coming together with the price on the 9 periods EMA and 21 periods EMA. The buyers will have to gain enough momentum to push up the price and close above $0.15 level before Cardano can experience an increase in price to $0.17 and $0.19. The inability to break up the resistance level at $0.15 by the bulls may lead to ranging movement continuation. Then looking downside, support level can be found at $0.13, $0.11, and $0.10.
ADA/USD Medium-term Trend: Ranging
The ranging movement continues in the medium-term outlook. Cardano commences another ranging movement shortly after it broke out of the ranging mode that took place last two weeks. The crypto is range-bound within the resistance level at $0.15 and the support level at $0.13. All attempts made by the bears to break down the support level of $0.13 failed.
The price is hovering over the 9 periods EMA and 21 periods EMA while the two EMAS are interlocked, this shows that ranging movement is in progress in the ADA market. The relative strength index period 14 is exhibiting the sell signal at 25. The price may continue selling in case it breaks down the $0.13 level.
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