ADAUSD Medium-term Trend: Bullish
- Resistance levels: $0.080, $0.090, $0.100
- Support levels: $0.040, $0.030, $0.020
The ADAUSD pair was in a bullish trend. On March 9, the bulls broke the 12-day EMA and the 26-day EMA as the crypto's price reached the bullish trend zone. The crypto's price reached a high of $0.048 and was resisted. The crypto's price fell to the support of the 26-day EMA and at the price of $0.046.
The price of Cardano is above the EMAs which indicates that the price is likely to rise. On the upside, if the bulls sustain the price above the EMAs and the crypto has more buyers at the upper price level; the crypto's price will rise and revisit the highs of $0.048 and $0.050.
On the downside, if price continues its fall below the EMAs, the crypto will depreciate to the low of $ 0.042. Meanwhile, the stochastic is in the overbought region but below the 80% range. This indicates that the price of Cardano is in a bearish momentum and a sell signal.
ADAUSD Short-term Trend: Bearish
On the 4-hour chart, the crypto's price is in a bearish trend. The crypto's price is testing the horizontal line which is equivalent to the $0.048 resistance level. The bears have broken below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall.
On the downside, the bulls may likely defend the $0.042 support level which the bears may find difficult to break. Meanwhile, the stochastic is in the oversold region but below the 20% range. This indicates that the price of Cardano is in a strong bearish momentum and 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.