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Sellers and buyers struggling for breakout
ADA Price Analysis – 02 January
If sellers can maintain the price below the $0.59 support level, it might go as low as $0.54 or $0.48. The resistance levels at $0.69 and $0.75 will be looked at if the $0.65 barrier is broken.
Key Levels:
Resistance levels: $0.65, $0.69, $0.75
Support levels: $0.59, $0.54, $0.48
ADA/USD Long-term Trend: Bullish
The daily chart of Cardano shows a positive trend. The chart displayed a clear bullish reversal pattern known as a double bottom on October 19, at the $0.26 support level. Levels of resistance between $0.48 and $0.54 turned into levels of support as the market began to ascend. A few weeks ago, there was a bullish daily candle, and the price tested and eventually broke above the $0.65 mark, and pulled back towards the $0.59 level. At the moment, it is fluctuating between $0.59 and $0.65.
It appears like bulls are in control of the market because Cardano is trading above both the 9- and 21-exponential moving averages. If sellers can maintain the price below the $0.59 support level, it might go as low as $0.54 or $0.48. The resistance levels at $0.69 and $0.75 will be looked at if the $0.65 barrier is broken.
ADA/USD Medium-term Trend: Ranging
Cardano’s 4-hour chart indicates an upward trend. On the 4-hour chart, it tested the $0.65 resistance level last week before pulling back. The $0.59 barrier was retested as the bulls defeated the bears and the upward trend persisted. The coin moved in a range between $0.59 and $0.64 levels as a result of its unsuccessful attempt to break through the $0.59 barrier.
A ranging market is indicated by the fact that Cardano’s price is now trading around exponential moving averages with 9 or 21. Taking into account that the present rise in the relative strength index period 14 coincides with a buying signal and a signal line at level 62.
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