Cardano Price: Potential Bullish Reversal Level  Reached

Updated:

ADA Price Analysis – February 15

An increase in the Bulls’ momentum, will push the price to the resistance level of $1.11, which may be penetrated and the resistance level of $1.30 and $1.52 may be tested. In case the bears penetrate the support level of $1.01, sellers may push down the price towards $0.91 and $0.83 levels.

ADA/USD Market

Key Levels:

Resistance levels: $1.11, $1.30, $1.52

Support levels: $1.01, $0.91, $0.83

ADA/USD Long-term Trend: Bearish

Cardano is bearish on daily chart. The coin is under the pressure of the bears for many weeks. The price action has formed a descending channel. The price is declining within the channel. There was no significant movement in the Cardano market last week. The Buyers’ momentum is weak, likewise, the bulls’ pressure could not break up the resistance level of $1.11. The price is currently dangling within $1.11 and $1.01 level.

Cardano is trading around the 9 periods EMA and 21 periods EMA which indicate a ranging market. An increase in the Bulls’ momentum, will push the price to the resistance level of $1.11, which may be penetrated and the resistance level of $1.30 and $1.52 may be tested. In case the bears penetrate the support level of $1.01, sellers may push down the price towards $0.91 and $0.83 levels. The relative Strength Index period 14 is at 44 levels with the signal line pointing up which connote buy signal.

ADA/USD Medium-term Trend: Ranging

Cardano is on the ranging movement on 4-hour chart. The bearish movement has successfully pushed the price to the support level of $1.01 level. The mentioned level holds and the price could not penetrate the level. At the same time the bears’ momentum failed. The price commences a consolidation within the $1.11 resistance level and $1.01 support level.

The price is trading around the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 48 levels with 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.