Cardano Price Tests $0.42 Level and Bounds Off Again

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ADA Price Analysis – July 18

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. Inability to break up the $0.54 level by the bulls may lead to decrease in price to support levels at $0.42, $0.30 and $0.22 levels

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. Movement within the $0.54 and $0.42 levels continues in the Cardano market. Buyers could not break up the resistance level of $0.54 due to low volatility. Likewise Sellers’ momentum remains weak to break down the support level of $0.42. The ranging movement within the mentioned levels continue in the Cardano market.

Cardano is trading above the 9 periods EMA and 21 periods EMA. 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. Inability to break up the $0.54 level by the bulls may lead to decrease in price to support levels at $0.42, $0.30 and $0.22 levels. The technical indicator relative Strength Index period 14 is at 58 levels with the signal line pointing upside which indicates a bullish signal.

ADA/USD Medium-term Trend: Ranging

On 4-hour chart, Cardano is on the ranging movement. The resistance level of $0.54 holds the price and the support level of $0.42 remains strong against the price. The Crypto remains range-bound within the mentioned levels above. The momentum of both sellers and buyers remain low in the Cardano market. Cardano price is currently pulling back to retest the resistance level of $0.54.

The crypto is trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 66 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.