Bullish momentum increases in Cardano market
ADA Price Analysis – 24 January
Cardano may drop to the $0.34, $0.33, and $0.31 support levels if sellers maintain their position around the $0.37 resistance level. Buyers may get more encouraged if the $0.37 resistance level is breached, driving the price up to $0.40 and $0.41.
ADA/USD Market
Key Levels:
Resistance levels: $0.37, $0.40, $0.41
Support levels: $0.34, $0.33, $0.31
ADA/USD Long-term Trend: Bullish
Cardano remains bullish on long-term outlook. The price of the cryptocurrency found support at $0.23 on 29 December. The sellers lost their impetus and were unable to drive the price below $0.23. Fast-moving buyers produced large bullish candles. The rising price overcame the prior resistance levels of $0.31, $0.33, and $0.34.The bulls are trying to push the price above the $0.37 resistance level at the moment.
Cardano is presently trading above the two dynamic support levels, which is a positive indication, and is advancing in the direction of the 9-period EMA and 21-period EMA. Buyers may get more encouraged if the $0.37 resistance level is breached, driving the price up to $0.40 and $0.41. The price may drop to the $0.34, $0.33, and $0.31 support levels if sellers maintain their position around the $0.37 resistance level. A strong purchase signal is shown by the signal line of the Relative Strength Index period 14 pointing upward and being at a level of 74.
ADA/USD Medium-term Trend: Bullish.
On the 4-hour chart, Cardano is moving in a bullish direction. The sellers’ zeal increased a few weeks ago, and the $0.23 support level was tested. After rebounding off the just mentioned level, the price soars towards the north. The price pulled back after probing the $0.33 resistance level before finally breaking through the $0.34 resistance level. The Cardano market is now dominated by bulls struggling to break up the $0.37 resistance level.
The price of Cardano is trading above both the 9-period and 21-period EMAs, with the fast EMA closed to slow EMA as an indication of low volatility. The relative Strength Index Period 14 is at 58 levels, the signal line displaying a bearish direction.
You can purchase Lucky Block here. Buy LBLOCK
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.