Cardano Price Surrenders to Bulls’ Pressure

ADA Price Analysis – July 06

When the buyers increase their momentum to break up the $1.46 level, the resistance levels of $1.64 and $1.87 may be tested. Inability to break up the $1.46 by the bulls may lead to a decrease in price to support levels at $1.11, $0.98 and $0.83.

ADA/USD Market

Key Levels:

Resistance levels: $1.46, $1.64, $1.87

Support levels: $1.11, $0.98, $0.83

ADA/USD Long-term Trend: Bullish

Cardano is bullish on daily chart. Buyers are gradually dominating the Cardano market. Sellers pushed the coin to the low of $0.98. The daily candle formed at the mentioned level resulted to pin bar candle pattern; this is a sign of bullish reversal. The price increases from the level and cross $1.31 level upside. Cardano is trying to penetrate the resistance level of $1.46 upside at the moment.

Cardano has crossed the two EMAs upside, currently trading above the 9 periods EMA and 21 periods EMA to establish a bullish trend. When the buyers increase their momentum to break up the $1.46 level, the resistance levels of $1.64 and $1.87 may be tested. Inability to break up the $1.46 by the bulls may lead to a decrease in price to support levels at $1.11, $0.98 and $0.83. The relative Strength Index period 14 is above 50 levels with the signal line pointing upside which indicates buy signal.

ADA/USD Medium-term Trend: Bullish

Cardano is on the bullish movement on 4-hour chart. The bearish movement could not continue when the sellers pushed down Cardano to test the support level at $0.98. The bulls reacted against the price decrease with the formation of bullish engulfing candle. The price started increasing and the resistance level of $1.31 is broken upside. Further price increase envisaged as the price is above the two dynamic resistance levels.

The price is trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 60 levels and the signal line pointing up to indicate buy signal.

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