Cardano Price: Ranging Movement Within $1.11 and $0.98 Levels

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ADA Price Analysis – February 01

In case the sellers increase their momentum, the support level of $0.98 may be penetrated and the support level of $0.83 and $0.73 may be tested. In case the bulls defend the Support level of $0.98, buyers may push up the price towards $1.11, $1.30 and $1.46 levels.

ADA/USD Market

Key Levels:

Resistance levels: $1.11, $1.30, $1.46

Support levels: $0.98, $0.83, $0.73

ADA/USD Long-term Trend: Bearish

Cardano is bearish on daily chart. The Crypto reached the high of $1.64 on 17 January. Buyers could not push up the price above the mentioned resistance level. Another strong daily bearish candles emerged which indicate that Bears are taken over the market. Price declined to $0.98 support level after penetrating $1.3and $1.1 support level downside. At the moment, Buyers and sellers are struggling over the crypto within $1.11 and $0.98 levels.

ADAUSD Daily chart, February 01

Cardano is trading below the 9 periods EMA and 21 periods EMA at close contact which indicate a weak bearish movement. In case the sellers increase their momentum, the support level of $0.98 may be penetrated and the support level of $0.83 and $0.73 may be tested. In case the bulls defend the Support level of $0.98, buyers may push up the price towards $1.11, $1.30 and $1.46 levels. The relative Strength Index period 14 is at 40 levels with the signal line parallel to the level which connote that consolidation is in progress.

ADA/USD Medium-term Trend: Ranging

Cardano is on the ranging movement on 4-hour chart. The bullish movement was interrupted at the resistance level of $1.64 with the formation of a pin bar. The price started decreasing and the support level of $1.30 and $1.11 levels is broken downside. The price is yet to decrease further as the support level of $0.98 holds, also the bears’ and the bulls’ momentum is weak.

ADAUSD 4-hour chart, February 01

The price is trading around the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is above 50 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.