Cardano Price May Break Up $1.4 Resistance Level

Azeez Mustapha
10 August 2021 | Updated: 10 August 2021

ADA Price Analysis – August 10

When the buyers gain more momentum and the resistance level of $1.4 is penetrated upside, the price may increase to $1.6 and $1.8 resistance level. In case the bears interrupt the bulls at $1.4 level, price direction may change to $1.3, $1.1 and $0.9 support level.

ADA/USD Market

Key Levels:

Resistance levels: $1.4, $1.6, $1.87

Support levels: $1.3, $1.1, $0.9

ADA/USD Long-term Trend: Bullish

ADA/USD is bullish on the daily chart. Bulls continue to dominate Cardano market as it was predicted last week. Bears could not defend the former resistance level of $1.3; this give buyers opportunity to gather momentum and break up the resistance level of $1.3, the price increase towards the resistance level of $1.4. The mentioned level is tested on August 07 and the price commences a consolidation at the level.

ADAUSD Daily chart, August 10

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 $1.4 is penetrated upside, the price may increase to $1.6 and $1.8 resistance level. In case the bears interrupt the bulls at $1.4 level, price direction may change to $1.3, $1.1 and $0.9 support level. The technical indicator Relative Strength Indicator is at 70 levels with the signal line pointing downside which indicate sell 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 $0.9 price level, the price continue to increase steadily towards the resistance level of $1.4. The just mentioned level is holding the price and that is why there is consolidation movement at the level currently.

ADAUSD 4 hours chart, August 10

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 60 levels and the signal line shows buy signal.

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.