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

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.

You can purchase Lucky Block here. Buy LBLOCK