Cardano Price May Rebound at $0.75 Support Level

ADA Price Analysis – March 01

An increase in the bulls’ momentum may push up price to $1.01, the resistance level of $1.26 and $1.61 may be tested. In case the resistance level of $1.01 holds, sellers may push down the price towards $0.75, $0.78 and $0.50 levels.

ADA/USD Market

Key Levels:

Resistance levels: $1.01, $1.26, $1.61

Support levels: $0.75, $0.78, $0.50

ADA/USD Long-term Trend: Bearish

Cardano is bearish on daily chart. Sellers’ pressure increased last week. The price decline accordingly and the support level of $0.75 was tested. The momentum became weak. Buyers’ and sellers’ momentum became weak and it leads to price consolidation. Throughout last week, the price was ranging within $0.98 and $0.75 levels.

Cardano has crossed the two EMAs downside, currently trading below the 9 periods EMA and 21 periods EMA at close contact; the price is increasing to break up the dynamic resistance levels. An increase in the bulls’ momentum may push up price to $1.01, the resistance level of $1.26 and $1.61 may be tested. In case the resistance level of $1.01 holds, sellers may push down the price towards $0.75, $0.78 and $0.50 levels. The relative Strength Index period 14 is at 47 levels with the signal line pointing upside which indicates buy signal.

ADA/USD Medium-term Trend: Bullish

Cardano is on the bullish movement on 4-hour chart. Last week, the coin was on the bearish movement; it was heading towards the support level of $0.75. The level was tested but bearish pressure failed. A bullish engulfing candle formed on February 24, it triggers a bullish movement towards the resistance level of $1.01.

At the moment, the price is trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is pointing up at 63 levels to indicate buy signal.

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