Cardano Price: Ranging Movement Continues as $0.54 Level holds

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ADA Price Analysis – July 05

Ability to break down the $0.42 level by the bears may lead to decrease in price to support levels at $0.30 and $0.22 levels. Should the buyers exert more pressure on the market, the resistance level of $0.54 will be penetrated and the resistance levels of $0.69 and $0.90 may be reached.

ADA/USD Market

Key Levels:

Resistance levels: $0.54, $0.69, $0.90

Support levels: $0.42, $0.30, $0.22

ADA/USD Long-term Trend: Ranging

Cardano is on the ranging movement on the daily chart. The ranging movement within the resistance level of $0.54 and the support level of $0.42 continues in the Cardano market. The bulls and bears are yet to make significant movement in the Cardano market. The resistance level of $0.54 still holds and the momentum of the bulls is not strong enough to break up the level. Likewise, the barrier at the support level of $0.42 is stronger than the pressure of the bears. The price is trading within the levels mentioned above.

Cardano is hovering over and around the 9 periods EMA and 21 periods EMA. Ability to break down the $0.42 level by the bears may lead to decrease in price to support levels at $0.30 and $0.22 levels. Should the buyers exert more pressure on the market, the resistance level of $0.54 will be penetrated and the resistance levels of $0.69 and $0.90 may be reached. The technical indicator relative Strength Index period 14 is at 43 levels with the signal line pointing downside which indicates a bearish signal.

ADA/USD Medium-term Trend: Ranging

Cardano is on the ranging movement on 4-hour chart. When the support level of $0.42 was reached on May 30. Cardano price pulled back to retest the broken level of $0.54. The bullish momentum could not push the price above the resistance level of $0.69. The mentioned level was defended by the bears with the formation of strong bearish engulfing candle. The price reverses and decreases toward the support level of $0.42. The price is trading within $0.54 and $0.42 levels at the moment.

The crypto is trading over and around the 9 periods EMA and 21 periods EMA as a sign of ranging market. The relative strength index period 14 is at 56 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.