Cardano Price Is Retesting Support Level of $1.30

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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.

ADAUSD Daily chart, January 04

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.

ADAUSD 4-hour chart, January 04

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.

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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.