Cardano Price May Break Up $0.40 Resistance Level

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Buyers’ momentum increases

ADA Price Analysis – 04 April

 Price might move above $0.40, $0.41, and $0.44 levels if buyers are successful in holding the $0.38 support level. If the $0.38 support level is breached lower, $0.34 and $0.33 can next be tested. Yet, buyers might become more enthusiastic.

ADA/USD Market

Key Levels:

Resistance levels: $0.40, $0.41, $0.44

Support levels: $0.38, $0.34, $0.33

ADA/USD Long-term Trend: Bullish

Cardano is bullish on the Long-term outlook. On 11 March, bears drove the price down to test the $0.31 support level, and the bearish journey officially halted. At the same level, a bullish engulfing candle pattern developed to signify resistance from the sellers. It increased and broke up the resistance level of $0.34. A bullish engulfing candle formation at the previously indicated level gave buyers the advantage over sellers. The price reversed course and tested the resistance level of $0.4. It pulled back and currently struggling to break up the just-mentioned level.

Cardano is currently trading above the 9-period EMA and it has crossed the 21-period EMA upside. In accordance with the two exponential moving averages (EMAs), the Price might move above $0.40, $0.41, and $0.44 levels if buyers are successful in holding the $0.38 support level. If the $0.38 support level is breached lower, $0.34 and $0.33 can next be tested. Yet, buyers might become more enthusiastic. At a level of 59, the Relative Strength Index period 14 signal line is pointing higher, signaling a buy.

ADA/USD Medium-term Trend: Bullish.

On the 4-hour chart, Cardano is trending upward. The momentum of the bulls appeared to be greater than that of the bears, then, the market slid from the low of $0.34 support level to the resistance level of $0.39. Buyers are attempting to prevent additional price decreases.

Cardano’s price is currently trading above both the 9-period and 21-period exponential moving averages, which indicates a buy signal. The signal line on the relative strength index for period 14 is pointing upward and is at level 54 which connotes buy.

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