ADAUSD Medium-term Trend: Bearish
- Resistance levels: $0.072, $0.074, $0.76
- Support levels: $0.068, $0.064, $0.062
The price of Cardano is in a bearish trend. The crypto’s price had in the last two weeks traded between the levels of $0.0800 and $0.0900 in a tight range. On April 19, the bears broke the lower price range and it is approaching the $0.06977 price level.
The $0.06977 support level was the previous low of October 28, 2018. If the $0.06977 support level holds, the crypto’s price will resume its bullish trend to retest the $0.0900 resistance level. However, the price is below the 12-day EMA and the 26-day EMA which indicates that the price is likely to fall.
On the other hand, if the bears break the $0.06977 support level, the crypto’s price will fall to the $0.040 price level. Meanwhile, the stochastic is in the oversold region but above the 20% range. This indicates that the price of Cardano is in a bullish momentum and a buy signal.
ADAUSD Short-term Trend: Bearish
On the 4-hour chart, the crypto’s price is in a bearish trend. On April 23, the bulls reached the $0.0800 resistance level and were resisted. The crypto’s price made a downward correction as the bears broke the 12 -day EMA and the 26-day EMA to reach the bearish trend zone.
The crypto’s price fell to the $0.0700 support level to resume its bullish trend. If the bulls break above the EMAs, the crypto’s price will rise to revisit the previous highs. Meanwhile, the stochastic is in the oversold region but above the 20% range. This indicates that the price of Cardano is in a bullish momentum and a buy signal.
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