Cardano Price May Break Up $0.26 Resistance Level

Bulls’ momentum increases in Cardano market

ADA Price Analysis – 03 October

 If buyers are successful in keeping the price above the $0.26 resistance level, Cardano may increase to the $0.28 and $0.29 levels. The $0.23 and $0.22 support levels will be tested if the $0.24 support level is breached

Key Levels:

Resistance levels: $0.26, $0.28, $0.29

Support levels: $0.24, $0.23, $0.22

ADA/USD Long-term Trend: Bullish

On the daily chart, the outlook for Cardano is good. A bullish trend is currently being attempted by the price as it rises. On September 11, the cost dropped and reached a $0.24 floor. Sellers worked harder to drive ADA’s price down to the $0.23 support level. The $0.26 resistance level was tried once again on 02 October. As buyers defend the just-mentioned level, the bullish trend has quickened and the price is steadily rising.

Currently trading just above both the 9- and 21-period exponential moving averages, Cardano is in an uptrend. If buyers are successful in keeping the price above the $0.26 resistance level, Cardano may increase to the $0.28 and $0.29 levels. The $0.23 and $0.22 support levels will be tested if the $0.24 support level is breached.

ADA/USD Medium-term Trend: Bullish

A rising trend can be seen for Cardano on the 4-hour chart. The coin has been on a downward trend during the previous five weeks. The price touched $0.23 on September 11, but purchasers have stopped any declines. Buyers were able to maintain the $0.23 support level despite increased bullish pressure. After crossing it, the price fought back against $0.24 and is currently increasing toward $0.26 level.

The price of Cardano is currently trading above both the 9-period and 21-period exponential moving averages, creating a bullish indication. The current increase in the relative strength index period 14 is the result of a purchase signal with a signal line at level 57.

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