Cardano Price May Retest $1.87 Resistance Level

11 May 2021 | Updated: 11 May 2021

ADA Price Analysis – May 11

When the bulls increase their momentum, the resistance level of $1.87 will be penetrated and the price may increase to the resistance level of $2.08 which may extend to $2.45 level. Should the sellers interrupt the bulls’ pressure and gain enough momentum, ADA/USD may decline to $1.64, $1.46 and $1.23.

ADA/USD Market

Key Levels:

Resistance levels: $1.87, $2.08, $2.45

Support levels: $1.64, $1.46, $1.23

ADA/USD Long-term Trend: Bullish

Cardano is bullish on daily chart. Cardano followed the bullish pattern (Head and Shoulder) formed two weeks ago. The price soared to the resistance level at $1.87 after it breaks up the former resistance levels of $1.46 and $1.64. On May 10, the coin pulls back at the resistance level of $1.87 to retest the $1.64 level. Today, the bulls are dominating the market, which means the price may increase further.

ADAUSD Daily chart, <May 11

Cardano continue its trading above the 9 periods EMA and 21 periods EMA at a distance to the EMAs. When the bulls increase their momentum, the resistance level of $1.87 will be penetrated and the price may increase to the resistance level of $2.08 which may extend to $2.45 level. Should the sellers interrupt the bulls’ pressure and gain enough momentum, ADA/USD may decline to $1.64, $1.46 and $1.23. The technical indicator Relative Strength Index period 14 is at 75 levels with the signal line pointing upside which indicates a bullish signal.

ADA/USD Medium-term Trend: Bullish

Cardano is on the bullish movement on 4-hour chart. ADA approaches the high level of $1.87 last week. The breakup of the level is prevented by the pressure of the bears. The price pulled back to retest the support level of $1.46. The bulls defends the $1.46 level and the price is currently increasing towards the $1.87 for second touch.

ADAUSD 4-hour chart, May 11

The price is trading above the 9 periods EMA and 21 periods EMA while the two EMAs are close to each other indicating low market volatility. The relative strength index period 14 is at 60 levels and the signal line pointing up to indicate buy signal.

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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.