Cardano Price Analysis: ADA/USD Bulls May Play Out

Cryptovibes 10 months ago Report
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Cardano Price Analysis – July 14

Cardano may lack short-term and medium-term support but if the price rises even further, the coin is likely to face moderate volatility in the market soon.

ADA/USD Market

Key Levels:

Resistance levels: $1.50, $1.60, $1.70

Support levels: $1.00, $0.90, $0.80

Cardano Price AnalysisADAUSD – Daily Chart

ADA/USD is currently trading around $1.27 level below the 9-day and 21-day moving averages. In the range of the descending channel, the closest support is located at $1.15, with a close resistance at $1.10. Meanwhile, if the market increases, additional resistance can be found above the 9-day and 21-day moving averages.

Cardano Price Analysis: Cardano (ADA) May Go Bullish

As reveals by the daily chart, it is obvious that the Cardano market may likely create more bullish trends once the sideways movement fades away and this is actually noticeable for the technical indicator Relative Strength Index (14) as the signal line stays above 40-level. Since a few days ago, Cardano (ADA) has been moving in the same direction as the market ranges.

Today, the market decides to rebounds from the low of $1.18 below the 9-day and 21-day Mas but any bearish movement below the daily low of $1.18 could lead the coin to a serious downtrend. However, the support levels for the coin are located at $1.00, $0.90, and $0.80, while the resistance levels lie at $1.50, $1.60, and $1.70 respectively.

ADA/BTC Market: Price Remains in a Range

When compares with Bitcoin, the support level of this range is built around 3870 SAT. The resistance is set at 4200 SAT because the market price is still changing below the 9-day and 21-day moving averages. Technically, the price continues to move sideways within the channel since June 15 as the technical indicator Relative Strength Index (14) moves around the 45-level.

ADABTC – Daily Chart

However, if the Cardano price remains below the 9-day and 21-day MAs, ADA/BTC may likely hit the support level of 3500 SAT and below. Moreover, any bullish movement above the upper boundary of the channel may allow the market to form a new upward trend and this could reach the potential resistance at 4300 SAT and above.

Original Source: https://www.cryptovibes.com/blog/2021/07/14/cardano-price-analysis-ada-usd-bulls-may-...

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