ADAUSD Medium-term Trend: Bearish
- Resistance levels: $0.080, $0.090, $0.100
- Support levels: $0.030, $0.020, $0.010
Last week, on February 8, the price of Cardano was in a bullish trend zone. The bulls broke the 12-day EMA, the 26-day EMA, and the bearish trend line. The cryptocurrency rose to the high of $0.04200 but the price made a pullback to the low of $0.04000. The pullback was on the 12-day EMA and the 26-day EMA indicating that the price is in the bullish trend zone.
The $0.04200 price level had been a resistance to the price of Cardano since February 8. On the upside, the crypto’s price is likely to rise at the support level of $0.04000, if the price is sustained above the EMAs and the bulls break the resistance at $0.04200. Then the crypto’s price will reach the previous high of $0.0460.
On the downside, if the bears break below the EMAs or the $0.04000 price level, the crypto will fall to either the lows of $0.03800 or $0.03600. The stochastic indicator is out of 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: Ranging
On the 4-hour chart, the crypto’s price is in a bearish trend. The bears break the EMAs to the low of $0.04000. The crypto’s price has been ranging at the $0.04000 price level in the last 48 hours. If the bulls defend this level, the crypto’s price is likely to rise. On the other hand, if the bears break the $0.04000 price level, the crypto’s price will depreciate further.
Meanwhile, the stochastic is out of the overbought region but below the 40% range. This indicates that the price of Cardano is in a bearish momentum and a sell signal.
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