Ranging movement in Cardano market
ADA Price Analysis – 21 February
Cardano may drop to the $0.40, $0.39, and $0.36 support levels if the sellers manage to hold the $0.41 resistance level. Buyers may become more enthusiastic after the resistance level of $0.41 is broken upward, at which point $0.44 and $0.46 may be tested
ADA/USD Market
Key Levels:
Resistance levels: $0.41, $0.44, $0.46
Support levels: $0.40, $0.39, $0.36
ADA/USD Long-term Trend: Bullish
Cardano is bullish on the Long-term outlook. The coin was on bearish mode last week. It declined and reached the $0.36 level. Sellers lose their momentum to the buyers with the formation of a bullish engulfing candles. Cardano price increases by penetrating the former resistance levels of $0.36, $0.39, and $0.40 upside. The resistance level of $0.41 was tested but the sellers quickly oppose the movement. The crypto has been consolidating at $0.40 for more than 48 hours.
Cardano is rising in the same direction as the two exponential moving averages (EMAs), the 9-period EMA has crossed the 21-period EMA, and the coin is trading above the two dynamic support levels, all of which indicate that buyers are enthusiastic. The price may drop to the $0.40, $0.39, and $0.36 support levels if the sellers manage to hold the $0.41 resistance level. Buyers may become more enthusiastic after the resistance level of $0.41 is broken upward, at which point $0.44 and $0.46 may be tested. The signal line for the Relative Strength Index period 14 is trending downward at a level of 54, signaling a sell signal.
ADA/USD Medium-term Trend: Bullish
Cardano is moving in a bullish direction on the 4-hour chart. Last week, the price tested the level of $0.41 after breaking through the $0.39 and $0.40 resistance levels to the upside. To test the $0.41 resistance level once again, the price reversed course. Bulls’ and Bears’ momentum seems to be equal at the moment and the market is consolidating around $0.41 level.
The price of Cardano is trading around both the 9-period and 21-period EMAs, with the two EMAs interlocked to each other. The relative Strength Index Period 14 is at 46 levels, the signal line displaying a bearish direction.
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