Cardano Price May Test July Low at $0.98

Updated:

ADA Price Analysis – January 11

In case the support level of $1.11 does not hold, the support levels of $0.98 and $0.83 levels may be tested. Should the buyers defend the support level of $1.11, Cardano price may reverse and face the resistance levels of $1.30, $1.46 and $1.64.

ADA/USD Market

Key Levels:

Resistance levels: $1.30, $1.46, $1.64

Support levels: $1.11, $0.98, $0.83

ADA/USD Long-term Trend: Bearish

Cardano is bearish on daily chart. Last week, the crypto was obeying the command of the sellers. After the price retracement that took place on 23 December at $1.30 level to $1.60, the bears’ pressure has been on increase. The pressure from the sellers decline the price towards the support level of $1.11. The price is currently targeting the July low at $0.98 level.

ADAUSD daily chart, January 11

It is currently trading below the 9 periods EMA and 21 periods EMA to continue a bearish trend. Cardano has crossed the two EMAs downside testing the support level of $1.11. In case the support level of $1.11 does not hold, the support levels of $0.98 and $0.83 levels may be tested. Should the buyers defend the support level of $1.11, Cardano price may reverse and face the resistance levels of $1.30, $1.46 and $1.64. The relative Strength Index period 14 is above 20 levels with the signal line pointing upside which indicates buy signal.

ADA/USD Medium-term Trend: Bearish

Cardano is on the bearish movement on 4-hour chart. The crypto was bearish last week as the price was decreasing towards the support level of $1.11. The bears opposed the price decrease at the mentioned level. Cardano price pulled back to retest the dynamic resistance level. More pressure from the bears decrease the price to retest the support level second time.

ADAUSD 4-hour chart, January 11

The price is trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 40 levels and the signal line pointing down to indicate sell 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.