Cardano (ADA) Price Analysis – March 21

  • The price of Cardano is likely to rise but may face resistance at the $0.070 price level.
  • The crypto's price breaks out of the previous range of $0.040 and $0.045 to reach a high of $0.054 price level.

Cardano, ADAUSDCardano Chart By TradingView

ADAUSD Medium-term Trend: Bullish

  • Resistance levels: $0.080, $0.090, $0.100
  • Support levels: $0.050, $0.040, $0.030 

The price of Cardano is now in a bullish trend. On February 24, the crypto's price was in a tight range between the levels of $0.040 and $0.045. The bears broke the 12-day EMA and the 26-day EMA as the price fell to the lower price range of $0.40. On March 5, the bulls broke the EMAs and the upper price level to commence a bullish trend.

The crypto's price is above the EMAs which indicates that the price is likely to rise. The crypto's price is trading and approaching the price at $0.054. On the upside, the crypto's price is likely to rise but may face resistance at the $0.070 price level. Meanwhile, the stochastic is in the overbought region but 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

Cardano, ADAUSDCardano Chart By TradingView

On the 4-hour chart, the crypto's price is in a bullish trend. On March 5, the bulls broke the 12-day EMA and the 26-day EMA as the price reached the bullish trend zone. The crypto's price had been trading above the EMAs in the last two weeks. A bullish trend line had been drawn to determine the duration of the bullish trend.

The crypto's price is making a series of higher highs and higher lows. A bullish trend is ongoing if the trend line is unbroken by price. If a candlestick breaks the trend line and another closes opposite it, the current trend is said to be terminated. Meanwhile, the stochastic is in the overbought region but above the 80% range. This indicates that the price of Cardano is in a strong bullish momentum and a buy signal.                                                                                                                                                                                                                                                                                                                                                                                                                    

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