ADA Price Analysis – October 05
A breakout at the resistance level of $2.30 will lead the price to $2.68 in which the upper level of $3.0 may be tested. In case the support level of $1.87 do not hold, pressure from the bears may reduce it towards $1.64 and $1.46 support levels.
ADA/USD Market
Key Levels:
Resistance levels: $2.30, $2.68, $3.0
Support levels: $1.87, $1.64, $1.46
ADA/USD Long-term Trend: Bearish
Cardano is bearish in the long term outlook. There was no significant movement in the Cardano market last week. The resistance and support levels of $2.30 and $1.87 holds respectively. The price is yet to gain enough volatility to break up the levels. This is what led to ranging of price within the mentioned levels up till the moment of writing this report. However, breakout is imminent.
At the moment, Cardano is trading within the 9 periods EMA and the 21 periods EMA while the two EMAs are close to each other as an indication of low volatility. A breakout at the resistance level of $2.30 will lead the price to $2.68 in which the upper level of $3.0 may be tested. In case the support level of $1.87 do not hold, pressure from the bears may reduce it towards $1.64 and $1.46 support levels.
ADA/USD Medium-term Trend: Ranging
Cardano is on the ranging movement. The Crypto tested the support level of $1.87 on September 24 and the bears’ momentum is not enough to break it down. It bounced and tested the resistance level of $2.30, the just mentioned level holds and the price continue a ranging movement within the $2.30 and $1.87 kevels.
Cardano is hovering around the two EMAs as 9 periods EMA is below the 21 periods EMA. The Relative Strength Index period 14 is at 50 levels pointing up to indicate a buy signal. The price is awaiting a breakout.
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