Cardano Price Surrenders to Bulls’ Pressure

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.

ADAUSD daily chart, July 06

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.

ADAUSD 4 hour chart, July 05

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.

You can purchase crypto coins here.  Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.