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.
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