Cardano Price Reverses at $0.10 Support Level, Heading Towards $0.13

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RESULTS

 ADA Price Analysis – September 01

 The price is reversing after testing the demand level of $0.10 and the bullish trend may continue to $0.15 and $0.17 price level provided the $0.13 does not hold. In case the $0.13 level repels the price, then bearish movement may continue and the price may found support level at $0.11, $0.10, and $0.08.  

 ADA/USD Market

 Key Levels:

 Resistance levels: $0.13, $0.15, $0.17

Support levels: $0.11, $0.10, $0.08

 ADA/USD Long-term Trend: Bullish

 ADA was declining last week after the bearish breakout that took place on August 21. Cardano price was under the bears’ pressure to break down the support level at $0.11 and later bottomed at $0.10. The bearish momentum could not press further as the level holds the price. An inside bar candle formed; this is a bullish reversal candle pattern that pushes the price towards the north side. It is increasing towards the resistance at the $0.13 price level at the moment.

 Cardano is breaking up the two EMAs at the moment with the formation of a daily bullish candle. Besides, the relative strength index period 14 is pointing towards the north at 50 levels to indicate a strong buy signal. The price is reversing after testing the demand level of $0.10 and the bullish trend may continue to $0.15 and $0.17 price level provided the $0.13 does not hold. In case the $0.13 level repels the price, then bearish movement may continue and the price may found support level at $0.11, $0.10, and $0.08.  

 ADA/USD Medium-term Trend: Bullish

 Cardano is bullish on the 4-hour chart. The bearish pressure made the coin to bottom at $0.10 on August 27. The price repels from the level with the formation of a hammer candle at the same level. The bulls take over the market and increase the price to penetrate the 9 periods EMA and 21 periods EMA upside. 

ADA is heading towards the resistance level at $0.13 with the price above the two EMAs. The relative strength index period 14 is pointing up to indicate buy signal above 60 levels. The price may test $0.13 level today.