Cardano Price: Will There Be a Bullish Breakout at $0.54 Levels?

Updated:

ADA Price Analysis – August 09

The resistance level of $0.54 will be penetrated in case the buyers exert more pressure on the market and the resistance levels of $0.69 and $0.90 may be tested.

ADA/USD Market

Key Levels:

Resistance levels: $0.54, $0.69, $0.90

Support levels: $0.47, $0.30, $0.22

ADA/USD Long-term Trend: Ranging

On the daily chart, Cardano is on the ranging movement. The ranging movement within the resistance level of $0.54 and the support level of $0.47 continues. The resistance level of $0.54 holds and Buyers are yet to gain momentum to break up the mentioned level. In the same way, the support level of $0.42 is opposing the Sellers’ momentum. Until there is a breakout to the north or south, ranging movement within the mentioned levels continues.

Cardano is trading slightly above the 9 periods EMA and 21 periods EMA. The resistance level of $0.54 will be penetrated in case the buyers exert more pressure on the market and the resistance levels of $0.69 and $0.90 may be tested. When there is a break down at the $0.47 level by the bears, price may decrease to support levels at $0.30 and $0.22 levels. The technical indicator relative Strength Index period 14 is at 59 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. On July 30, the bulls made an attempt to break up the resistance level of $0.54 but the level holds, and the support level of $0.42 remains strong against the price. The Crypto continue a range-bound movement within the mentioned levels above. The buyers’ momentum is increasing at the moment as the pressure to break up $0.54 level increase. Cardano price may break up $0.54 level.

The crypto is trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 59 levels and the signal line pointing down to indicate sell 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.