Buyers are increasing in momentum
ADA Price Analysis – 13 January
If Cardano can maintain the price above the $0.42 barrier, it might attempt to reach the resistance levels at $0.45 and $0.48. Once the $0.38 support level is destroyed, the $0.34 and $0.24 levels will be considered.
Key Levels:
Resistance levels: $0.42, $0.45, $0.48
Support levels: $0.38, $0.34, $0.24
ADA/USD Long-term Trend: Bullish
Cardano steadily lost steam after peaking at $0.54. On December 2, the price formed a Head and Shoulder pattern near the resistance level of $0.54. Before running into resistance at the expected $0.54 level, the price attempted to break through the first barrier. However, the coin managed to overcome this initial obstacle. A bearish candlestick pattern was visible on the daily chart. When examining the $0.54 resistance level, bearish wicks were observed. The project declined to $0.34. The price has now recovered to the previously indicated level and is attempting to break above the $0.42 threshold once more.
Bulls currently control the majority of the Cardano market. The abrupt rise over the Hull Suite forex signals indicator has traders concerned. If Cardano can maintain the price above the $0.42 barrier, it might attempt to reach the resistance levels at $0.45 and $0.48. Once the $0.38 support level is destroyed, the $0.34 and $0.24 levels will be considered.
ADA/USD Medium-term Trend: Bullish
The 4-hour chart for Cardano shows an upward trend. In recent weeks, there have been two failed attempts to breach the $0.34 support level on the 4-hour time frame. The value of ADA has increased to $0.42, suggesting that bulls are having a greater impact on the market than bears. As the price approached $0.36, a bullish engulfing candle appeared, indicating that sellers are in control.
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