Analysis: Cardano (ADA) Approaching Resistance, Bulls Target $0.08 Price Level

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Resistance levels: $0.06, $0.08, $0.09

Support levels: $0.05, $0.04, $0.03

ADA/USD Long-term Trend: Bullish  


ADA/USD is on the bullish trend on the Long-term outlook. The cryptocurrency was range-bound for many days within the $0.04 and $0.03 levels. On March 9, a strong bullish candle emerged that broke up the $0.04 level and the Bulls consistently pushing up the ADA price. ADA price penetrated the price level of $0.05 upside and face $0.06 price level.

There is a tendency for the ADA price to continue increasing as the two EMAs are bending up with the 21 days EMA above the 50 days EMA and the coin is trading above the two EMAs. The Relative Strength Index period 14 is at 70 levels with the signal lines pointing up to indicate the buy signal and strong bullish trend in the ADA market.  Should the Bulls increase their momentum and break up the resistance level of $0.06, the ADA price will increase towards the $0.08 price level.

ADA/USD Medium-term Trend: Bullish


ADA is on the bullish trend on the Medium-term outlook. March 9th marked the beginning of the uptrend movement on the 4-hour chart in the ADA market. The ADA is making higher highs on the chart. The uptrend movement continues until the drawn trend line is broken downside by the coin. On March 22 the bullish momentum increases as the distance between the coin and the two EMAs increased. On March 24, it carried out a pullback towards the broken level before it resumed uptrend movement on March 26.

Currently, the coin is facing the supply level of $0.06 with strong bullish candles. ADA price is trading above the 21 periods EMA and 50 periods EMA as a sign of a bullish trend. Meanwhile, the Relative Strength index period 14 is at 70 levels with the signal line point up to indicate a strong buy signal.