Cardano Price May Experience a Bullish Breakup at $0.23 Level

Buyers’ momentum may increase

ADA Price Analysis – 11 July

Cardano may rise above the $0.29, $0.31, and $0.33 levels if buyers are successful in holding the $0.26 support level. If the $0.26 support level is broken, the $0.24 and $0.23 levels will be tested next.

Key Levels:

Resistance levels: $0.29, $0.31, $0.33

Support levels: $0.26, $0.24, $0.23

ADA/USD Long-term Trend: Bullish

Cardano is bullish on the Long-term outlook. The sellers accelerated their downward pressure on the price of the cryptocurrency when it hit resistance at $0.37. A pin bar and strong daily bearish candles that followed indicated that the level had been reached when the bullish impulse had failed. The price eventually tested the low support level of $0.33. For more than two weeks, a range variation between $0.37 and $0.33 was seen. The price eventually fell to test the $0.23 low of December, proving the sellers’ success. At the moment, the price is dangling between $0.29 and $0.26 levels.

Cardano, which is trading above the 9- periods EMA and 21-period EMAs indicates preparation for a bullish reversal. In case sellers are successful in keeping the price below the $0.26 support level, the price may move down toward the $0.24, and $0.23 levels. The $0.31 and $0.33 levels will be tested if the $0.29 resistance level is breached.

ADA/USD Medium-term Trend: Bullish

According to the 4-hour chart, Cardano is in an uptrend. It looks like the price movement has produced a double bottom chart pattern in the 4-hour time period. The favorable reversal trend caused the price to keep rising but sellers are opposing the movement. The market recently fluctuated between the $0.26 support level and $0.29. Bulls may once again enter the market as $0.29 resistance level is tested.

A buy signal has been produced since the price of Cardano is currently trading above both the 9-period and 21-period exponential moving averages. The relative strength index period 14 has a buy signal and is rising with its signal line at 49 level.

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