Cardano (ADA) Price Analysis – January 10

  • The price of Cardano faces resistance at the $0.0550 price level.
  • The crypto will rise to reach the highs of $0.0550 and $ 0.0600 if well supported by the 12-day EMA.

Cardano, ADAUSD, CryptoCompare chartCardano Chart By Trading View

ADAUSD Medium-term Trend: Bearish

  • Resistance levels: $0.080, $0.090, $0.100
  • Support levels: $0.040, $0.030, $0.020 

On January 9, ADAUSD pair was in a bullish trend. This will be the first time this month we have an uptrend testing the resistance at $0.055 price level. The last uptrend was on December 23, last year, which was terminated by a Gravestone Doji candlestick. The bearish movement broke the 12-day EMA and the 26-day EMA to the low of $0.0370.

Yesterday, we had the first uptrend that reached the high of $0.0530. The bears resisted price as it fell to the support of the 12-day EMA at a price of $0.0450. However, if the bearish pressure continues, the crypto will fall to the previous low of $0.0370 . On the upside, if the price is well supported by the 12-day EMA, the crypto will rise to reach the highs of $0.0550 and $ 0.0600.

Meanwhile, the stochastic is out of the overbought region and it is below the 80% range which indicates that the price is in a bearish momentum and a sell signal.

ADAUSD Short-term Trend: Bearish   

Cardano, ADAUSD, CryptoCompare chartCardano Chart By Trading View        

On the 4-hour chart, the crypto's price is in a bearish trend. The crypto's price reached the high of $0.0540 when it was resisted at the $0.0550 price level. The bears have broken the 12-day EMA and the 26-day EMA to the low of $0.0450 as at the time of writing. The bottom line is that the crypto's price is below the EMAs which indicates that the price is likely to fall.

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