ADA Price Analysis – August 18
The crypto may commence another face of an uptrend in case the buyers gain enough momentum to push up the price and close above $0.15 level, then, an increase in price to $0.17 and $0.19 will be possible.
ADA/USD Market
Key Levels:
Resistance levels: $0.15, $0.17, $0.19
Support levels: $0.13, $0.11, $0.10
ADA/USD Long-term Trend: Ranging
The crypto started rallying on July 01after the breakout from the consolidation movement. The major change was brought to the coins’ market. The crypto increases to touch the resistance level at $0.15. Since the day it tested the $0.15, the price has been held within the range of $0.15 resistance level and support level at $0.13. On 12 August, the sellers tried to break down the support level at $0.13 but it was resisted by the bulls. It is currently ranging in the daily chart.
Meanwhile, the Relative strength indicator is parallel placed at 50 levels showing no direction indicates that consolidation is ongoing in the ADA market. The two EMAs are equally parallel with the coin trading over it. The crypto may commence another face of an uptrend in case the buyers gain enough momentum to push up the price and close above $0.15 level, then, an increase in price to $0.17 and $0.19 will be possible. Ranging movement may continue should the resistance level at $0.15 still hold. looking downside, the support levels will be found at $0.13, $0.11 and $0.10.
ADA/USD Medium-term Trend: Ranging
On the 4 hour chart, Cardano is on the ranging movement. The buyers’ momentum remains weak in the Cardano market. Likewise, the sellers’ pressure is nothing to write home about, that is why ranging movement continues in the medium-term outlook. Not until the coin experiences a radical fundamental event to pull out the coin from the consolidation zone, the volatility and momentum in the Cardano market may remain low.
The two EMAS are interlocked and the price is hovering over the 9 periods EMA and 21 periods EMA while the relative strength index period 14 is displaying indecision signal. Traders should exercise patients for the breakout to know the direction of the market.
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