ADAUSD Medium-term Trend: Ranging
Resistance levels: $0.080, $0.090, $0.100
Support levels: $0.080, $0.070, $0.060
The price of Cardano is now in a range bound movement. The bulls had failed to break the $0.0910 resistance level in the last two weeks. The crypto’s price is now in a tight range between the levels of $0.0800 and $0.0900. On April 3, the bulls tested the $0.0900 resistance level and were resisted.
After the resistance at the $0.0900 price level, the crypto’s price was ranging below the resistance level. However, on April 8, the price fell to the support of the $0.0800 price level. The crypto’s price is also trending at the support of the 12-day EMA. As the cryptocurrency ranges in a tight range, there is the likelihood of a price breakout and a price breakdown.
A price breakout will result in the price reaching a high of $0.1000. Similarly, a price breakdown will depreciate the crypto to a low at $0.0700. Meanwhile, the stochastic is in the oversold region but below the 40% 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 range bound movement. The 12-day EMA and the 26-day EMA are trending horizontally indicating that the price is in a sideways trend. As a range-bound trader, you can trade the key levels of the market. A short trade is needed at the support level while you exit at the resistance zone.
Similarly, a long trade should be placed at the resistance level while you exit at the support level. 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.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
