Cardano Price May not Break Up Previous High at $0.69

Sellers may tak over Cardano market

ADA Price Analysis – 26 December

 Cardano may drop as low as $0.54 or $0.48 if sellers can keep it below the $0.59 support level. If the $0.64 barrier is breached, the resistance levels at $0.69 and $0.75 will be examined

Key Levels:

Resistance levels: $0.65, $0.69, $0.75

Support levels: $0.59, $0.54, $0.48

ADA/USD Long-term Trend: Bullish

Cardano’s daily chart indicates a favorable trend. On October 19, at the $0.26 support level, a bullish reversal pattern known as a double bottom appeared on the chart. As the market started to rise, levels of resistance between $0.48 and $0.50 became levels of support. A bullish daily candle occurred a few weeks ago, and the price challenged and then broke above the $0.65 mar, $0.69 level was reached. It is currently ranging within $0.59 and $0.64 levels.

Cardano is trading above both the 21- and 9-exponential moving averages suggesting that bulls are driving the market. The price may drop as low as $0.54 or $0.48 if sellers can keep it below the $0.59 support level. If the $0.64 barrier is breached, the resistance levels at $0.69 and $0.75 will be examined.

ADA/USD Medium-term Trend: Ranging

The 4-hour chart for Cardano shows an increasing trend. Last week, it tested the $0.65 resistance level on the 4-hour chart before retreating. The bulls overcame the bears and the upward trend continued as the $0.58 barrier was retested. The coin tried to break through the $0.58 barrier but was unable and that led to a range movement between $0.59 and $0.64 levels.

Cardano’s price is currently trading around exponential moving averages with 9 or 21 indicating a range of market and considering that there is a purchasing signal and a signal line at level 50 in conjunction with the current increase in the relative strength index period 14.

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