Cardano Price May Break Up $1.2 Resistance Level

ADA Price Analysis – March 29

When the buyers gain more momentum and the resistance level of $1.2 is penetrated upside, the price may increase to $1.6 and $1.7 resistance level. In case the bears interrupt the bulls at $1.2 level, price direction may change to $1.0, $0.7 and $0.4 support level.

ADA/USD Market

Key Levels:

Resistance levels: $1.2, $1.6, $1.7

Support levels: $1.0, $0.7, $0.4

ADA/USD Long-term Trend: Bullish

ADA/USD is bullish on the daily chart. Bulls are dominating Cardano market as it was predicted last week. Bears could not defend the former resistance level of $1.0; this give buyers an opportunity to gather momentum and break up the resistance level of $1.0, the price is increasing towards the resistance level of $1.2. The mentioned level may be tested and be broken upside.

The dynamic resistance level of 9 periods EMA has crossed the 21 periods EMA upside and the price is trading above the two EMAs as an indication of bullish momentum. When the buyers gain more momentum and the resistance level of $1.2 is penetrated upside, the price may increase to $1.6 and $1.7 resistance level. In case the bears interrupt the bulls at $1.2 level, price direction may change to $1.0, $0.7 and $0.4 support level. The technical indicator Relative Strength Indicator is at 72 levels with the signal line pointing upside which indicate buy signal.

ADA/USD Medium-term Trend: bullish

Cardano is on the bullish movement on the 4-hour chart. After the bouncing of the crypto at $0.7 price level, the price continue to increase steadily towards the resistance level of $1.2 after it broken up the former resistance level of $1.0.

The price is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish movement. The relative strength index period 14 is at 63 levels and the signal line shows buy signal.

 

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