Cardano Price Is Struggling to Break Up $1.31 Resistance Level

Cardano Price Is Struggling to Break Up $1.31 Resistance Level

ADA Price Analysis – April 13

 

Should the buyers gain enough momentum and the daily candle closes above $1.31 level, ADA/USD may increase to $1.46 – $1.68. In case the sellers defend the $1.31 level, the bears’ pressure may likely reduce the price.

ADA/USD Market
Key Levels:

Resistance levels: $1.31, $1.46, $1.68

Support levels: $1.23, $1.11, $0.98

ADA/USD Long-term Trend: Bullish

ADA/USD was exhibiting a range-bound movement within $1.23 and $1.11 price level till April 11. The buyers gathered enough momentum to break up the resistance level of $1.23 on April 11; this is seen on the daily chart with the formation of strong bullish candles. The resistance level of $1.31 was penetrated many times but rejected by the bears’ pressure. It is currently pushing up to break resistance level of $1.31..

ADAUSD Daily chart, April 13

Should the buyers gain enough momentum and the daily candle closes above $1.31 level, ADA/USD may increase to $1.46 – $1.68. In case the sellers defend the $1.31 level, the bears’ pressure may likely reduce the price. However, the next support levels can be found at $1.23, $1.11, and $0.98. The technical indicator RSI is above 50 levels with the signal line pointing upside which indicates a bullish signal.

ADA/USD Medium-term Trend: bullish

Cardano is on the ranging mode in a 4-hour chart. The crypto is range-bound within the resistance level at $1.31 and the support level at $1.23; this scenario commenced on April 11 when the coin tested the resistance level of $1.31and the level hold the price. Many attempts were made by the bulls to break up the resistance level of $1.31 but the bears were defending the level.

ADAUSD 4 hour chart, April 13

The two EMAs are separated from each other and the price is hovering over the 9 periods EMA and 21 periods EMA as a sign of consolidation while the relative strength index period 14 is at above 50 levels and the signal line pointing down to indicate sell signal.

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.