Cardano Price: Resistance Level of $0.54 Holds, Ranging Movement Continues

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ADA Price Analysis – June 28

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 45 levels with the signal line parallel to the level which indicate that consolidation is ongoing

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

On the daily chart, Cardano is on the ranging movement. Last week, the momentum of the bulls and the bears remain low and there is no significant movement in the Cardano market. The resistance level of $0.54 still holds the price, withstanding the bulls’ momentum. The price could not break up the level. Likewise, the barrier at the support level of $0.42 is stronger than the bears’ momentum. The price is ranging within the $0.54 and $0.42 levels.

Cardano is trading in between the 9 periods EMA and 21 periods EMA at close contact. Ability to break down the $0.42 support level by the bears may lead to a decrease in price to support levels at $0.30, and $0.22. 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 45 levels with the signal line parallel to the level which indicate that consolidation is ongoing.

ADA/USD Medium-term Trend: Ranging

Cardano is on the ranging movement on 4-hour chart. The bearish momentum could not push the price below the support level of $0.42. When the support level of $0.42 was reached on June 18, Cardano price pulled back to retest the broken level of $0.54. The level was defended by the bulls with the formation of strong bullish engulfing candle. The price reverses and increases towards the resistance level of $0.54. At the moment, the price is trading within $0.54 and $0.42 levels.

Cardano price 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 49 levels and the signal line no specific direction.

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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.