Cardano Price Is Retesting Support Level of $1.30

ADA Price Analysis – January 04

When the support level of $1.30 does not hold, the support levels of $1.11 and $0.98 levels may be targeted. In case the buyers increase their momentum to push price above $1.46, the resistance levels of $1.64, and $1.87 may be tested.

ADA/USD Market

Key Levels:

Resistance levels: $1.46, $1.64, $1.87

Support levels: $1.30 $1.11, $0.98

ADA/USD Long-term Trend: Bearish

Cardano is bearish on daily chart. The pressure from the sellers decline the price towards the support level of $1.11. The price bounced and retested the resistance level of $1.64 last week. Sellers opposed the price increase and it decline to retest the support level of $1.30. The price is currently consolidating at the just mentioned level.

Cardano has crossed the two EMAs downside testing the support level of $1.30. It currently trading slightly below the 9 periods EMA and 21 periods EMA to establish a bearish trend. When the support level of $1.30 does not hold, the support levels of $1.11 and $0.98 levels may be targeted. In case the buyers increase their momentum to push price above $1.46, the resistance levels of $1.64, and $1.87 may be tested. The relative Strength Index period 14 is above 40 levels with the signal line pointing downside which indicates sell signal.

ADA/USD Medium-term Trend: Bearish

Cardano is on the bearish movement on 4-hour chart. The coin was bullish last week as the price was increasing towards the resistance level of $1.64. The bears opposed the price increase at the mentioned level. Cardano price declined and the support level of $1.46 was broken down side. The price is currently testing the support level of $1.30.

The price is trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 40 levels and the signal line pointing down to indicate sell signal.

You can purchase crypto coins here.  Buy Tokens