ADAUSD Medium-term Trend: Bearish
- Resistance levels: $0.080, $0.090, $0.100
- Support levels: $0.040, $0.030, $0.020
The price of Cardano had been in a range bound movement since November 26. The crypto’s price is range bound between the levels of $0.035 and $0.055. On November 26, 2018, the lower price level was formed when the bears fell to the low of $0.035. On January 10, the upper price level was formed when the bulls were resisted at the $0.055 price level.
Since December 20, neither the bulls nor the bears were able to break out of this price range. A trader can trade the range bound movement until when the bulls have a price breakout or when the bears have a price break down. On February 17, the bulls broke above the 12-day EMA, the 26-day EMA to reach the upper price range.
If the bulls break above the upper price level, traders should initiate long orders. On the other hand, if the bulls fail to break the upper price level, traders should initiate short orders. If the bulls were resisted, it is likely the crypto would resume its range bound movement. Meanwhile, the stochastic is in the overbought region and above the 80% range. This indicates that the price of Cardano is in a strong bullish momentum and a buy signal.
ADAUSD Short-term Trend: Bullish
On the 4-hour chart, the crypto’s price is in a bullish trend. The bulls broke the 12-day EMA, the 26-day EMA and reached a high of $0.048. The crypto’s price faces resistance at the $0.048 price level. The price of Cardano was resisted and it fell to a low of $0.045. If the bears complete the breaking of the EMAs, the crypto will fall to the bearish trend zone.
Meanwhile, the stochastic is out of the overbought region but below the 60% range. This indicates that the price of Cardano is in a bearish momentum and a sell signal.
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