Cardano Price Analysis: ADA/USD Prepares for a New Trend; Price Moves Below Moving Averages
ADA Price Analysis – February 16 Cardano is down by 0.73% after touching the daily high of $0.94. The next support for the coin may likely come at a $0.80 level. ADA/USD Market Key Levels: Resistance levels: $1.10, $1.20,...
ADA Price Analysis – February 16
Cardano is down by 0.73% after touching the daily high of $0.94. The next support for the coin may likely come at a $0.80 level.
ADA/USD Market
Key Levels:
Resistance levels: $1.10, $1.20, $1.30
Support levels: $0.70, $0.60, $0.50
The last few days brought an escalation in the price of ADA coin. During the same period, the entire market was seen dealing with the bear, but ADA/USD kept the movement intact. The same reflects that the coin has pretty good potential until a few days ago the ADA price drops slightly and currently crossing below the 9-day moving average.
What to Expect from Cardano (ADA)
As the Cardano price moves below the 9-day MA, if the pair begins to stay under the control of bears, the market price may drop to the nearest supports at $0.70, $0.60, and $0.50 levels. On the upside, bulls need to push the price above the upper boundary of the channel and could move the coin towards the resistance levels of $1.10, $1.20, and $1.30. Meanwhile, the technical indicator RSI (14) is now seen moving in the same direction within the overbought region, suggesting a sideways movement.
ADA/BTC Market: Consolidates Around Moving Averages
Against Bitcoin, the market is seen to be moving below the 9-day moving average following the ascending channel where the price is expected to break above the upper boundary of the channel. Meanwhile, should the price cross above the channel, the market may begin the upward movement which could touch the nearest resistance at 500 SAT.
In other words, if bulls failed to push the market to the north and above the moving averages, bears may drag the price towards the south and this may cause the market to reach the support levels of 1500 SAT and below. Meanwhile, the technical indicator RSI (14) is seen moving below the 65-level as the coin may begin a new downtrend.
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