Cardano (ADA) Price Analysis – January 31

  • Price of Cardano faces resistance at the $0.0400 price level after falling to its low at $0.0360.
  • If the bulls breaks above the EMAs the crypto will resume its bullish trend to tests the highs of $0.0400 and $0.0500.

Cardano, ADAUSD, CryptoCompare chartCardano Chart By Trading View

ADAUSD Medium-term Trend: Bearish

  • Resistance levels: $0.080, $0.090, $0.100                                                                                                                          
  • Support levels: $0.030, $0.020, $0.010 

The price of Cardano is currently in a bearish trend. Since January 13, the crypto's price has been in a sideways trend up till January 26. On January 27, the bears broke the 12-day EMA, the 26-day EMA and price fell to the $0.0400 price level. The crypto further depreciated to the low of $0.0370 on January 29. 

The crypto's price is below the EMAs which indicates that the price is likely to fall. On the downside if price falls, the crypto will revisit the previous low of $0.0270. On the upside, the bulls will have to break above the EMAs, then the crypto will resume its bullish trend to the highs of $0.0400 and $0.0500. Meanwhile, the stochastic is in the oversold region but below the 20% range.

This indicates the price of Cardano is in a strong bearish momentum and a sell signal.

ADAUSD Short-term Trend: Ranging        

Cardano, ADAUSD, CryptoCompare chartCardano Chart By Trading View

On the 4-hour chart, the crypto's price is in a bearish trend. Since  on January 10, the price of Cardano  had  been fluctuating between the levels of  $0.0400 and $0.0460. On January 28, the bears broke the support level to the low of $0.0370. On January 29, the crypto fell to another low of $0.0360. At the support level, it is expected of price to rise,therefore traders are to initiate long trades in anticipation of a bullish trend. 

On the upside if the bulls break the EMAs and the price is sustained above it, the crypto will test the $0.0460 resistance level. Meanwhile, the price of Cardano is above the 12-day EMA and the 26-day EMA  which indicates that the price is likely to rise. The MACD line and the signal line are below the zero line which indicates a sell signal.

 

  The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.