ADA/USD Is Struggling to Break Up $0.38 Resistance Level

 ADA Price Analysis – January 19

In case the bulls increase their momentum and push the price above the resistance level of $0.38, then, $0.42 and $0.50 may be tested. If the price is rejected at the $0.38 level, price consolidation may commence. The support level can be found at $0.34, $0.27, and $0.24 levels.

ADA/USD Market

Key Levels:

Resistance levels: $0.38, $0.42, $0.50
Support levels: $0.34, $0.27, $0.24

ADA/USD Long-term Trend: Bullish

ADA is bullish in the long-term outlook. The currency pair pulled back last week to retest the support level $0.24. On January 12 the bulls gained more pressure and the price increases towards the resistance level of $0.37, later extends to $0.38 level. The price is testing the $0.38 level at the moment.

The 9 periods EMA is above the 21 periods EMA and the price is trading above the two EMAs which indicates a strong bullish movement in the ADA market. Should the bulls increase their momentum and push the price above the resistance level of $0.38, then, $0.42 and $0.50 may be tested. In case the price is rejected at the $0.38 level, price consolidation may commence. The support level can be found at $0.34, $0.27, and $0.24 levels.

ADA/USD Medium-term Trend

ADA/USD is bullish on the 4-hour chart. The price bounced at the support level of $0.24 with the formation of the Pin bar candle on January 11. The price steadily increases towards the resistance level of $0.34. The bullish strength is increasing and the mentioned resistance was penetrated. The price reached the resistance level of $0.38 on January 17. The price commenced consolidation at the $0.38 level due to low bears’ and bulls’ momentum.

Cardano is trading between the 9 periods EMA and 21 periods EMA which indicates weak bullish and bearish momentum. The Relative Strength Index period 14 with its signal line pointing up at 50 levels connotes a buy signal.