Cardano Price Is Heading Towards the Resistance Level of $0.11

Cardano Price Is Heading Towards the Resistance Level of $0.11

ADA Price Analysis – September 28

An increase in the price of Cardano is envisaged; the resistance level of $0.11 may be reached, penetrated, and expose the price to $0.13 and $1.15. In case the bullish momentum becomes weak at the $0.11 price level, consolidation may commence.

 ADA/USD Market
 Key Levels:

 Resistance levels: $0.11, $0.13, $1.15

Support levels: $0.10, $0.08, $0.07

 ADA/USD Long-term Trend: Bullish

 Cardano is bullish in the long term outlook. The crypto was under the sellers’ pressure for the last two weeks. The pressure of the bears was able to push down the price to break down the barrier at $0.08 and the price reached the support zone at $0.07. A bullish engulfing candle emerges in the same zone and the bullish momentum was triggered; the price increases and $0.10 was broken up and increases towards the resistance level of $0.11.

ADA daily chart, September 28

Today, the coin starts the Cardano market with a daily bullish candle above the $0.10 price. The 9 periods EMA is crossing the 21 periods EMA upside while the price is trading above the two EMAs. An increase in the price of Cardano is envisaged; the resistance level of $0.11 may be reached, penetrated, and expose the price to $0.13 and $1.15. In case the bullish momentum becomes weak at the $0.11 price level, consolidation may commence. Nevertheless, the support levels below the current price level are $0.1, $0.08, and $0.07.   

 ADA/USD Medium-term Trend: Bullish

 Last week, Cardano was bearish in the 4-hour chart. On September 23, the price found support at $0.07 price level. The price reverses and breaks up $0.08, soars towards the former resistance level of $0.10. The price could not hold it and the price is exposing towards $0.11 level.

ADA 4 hour chart, September 28

The 9 periods EMA has crossed above the 21 periods EMA and ADA price is trading above the two. The Relative Strength Index period 14 is at 70 levels pointing down to indicate a sell signal which may be a price retracement before the bullish movement continues. The price may increase to the $0.11 resistance level. 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.