ADAUSD Medium-term Trend: Ranging
- Resistance levels: $0.080, $0.090,$0.100
- Support levels: $0.040, $0.030, $0.020
Yesterday, the price of Cardano was in a bullish trend. On January 10, the bears broke the 12-day EMA and the 26-day EMA and the price fell to the low of $0.0390. The $0.0390 price level is now the support level for the cryptocurrency. The $0.0450 price level had been the resistance for the crypto. Today, the price of Cardano has been in the bearish trend zone.
The bulls had not been able to break above the $0.0450 price level. As the crypto ranges, a price breakout is imminent between these levels. A breakout above the $0.0450 price level will see the crypto in the bullish trend zone. A breakout below the $0.040 price level will sink the cryptocurrency. Meanwhile, the stochastic is out of the overbought region but above the 25% range which indicates that the crypto is in a bullish momentum and a buy signal.
ADAUSD Short-term Trend: Ranging
On the 4-hour chart, the crypto's price is in a sideways trend. On January 10, the crypto's price was in a bearish trend and it fell to the low of $0.0390 to form the support level. As from January 11, all the bullish candlesticks had been resisted at the $0.45 price level. The crypto now ranges between the levels of $0.040 and $ 0.045.
If the bulls break the $0.045 price level, the crypto will rally at the high of $0.055 price level. If the bears break the $0.040 price level, the crypto will find support at the $0.0340 or $0.0370 price level.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.