ADA May Commence a Bullish Trend

Buyer’s pressure may increase in Cardano market

 ADA Price Analysis – October 23

When bulls’ momentum increases, there may be a complete bullish reversal to break up the resistance level of $0.36, and price may increase to $0.38 and $0.40 levels. Should sellers oppose buyers at $0.36, Cardano price may decrease to the low of $0.34, $0.32 and $0.30 levels.

ADA/USD Market

Key Levels:

Resistance levels: $0.36, $0.38, $0.40

Support levels: $0.34, $0.32, $0.30

ADA/USD Long-term Trend: Bearish

Cardano price is bearish on the daily chart. Bearish movement continues in the cardano market. Last two weeks, the price closed at $0.36 level. Sellers acquired more momentum, the price broke down the $0.34 level and the price reduced to the support level of $0.32. At the moment, it seems the bearish momentum is getting weak and bulls may take over the market. Since three days ago, buyers are ruling the market of Cardano.

Cardano is trading below the two dynamic resistance levels of 9 periods EMA and 21 periods EMA at close contact which connote an increase in the bulls’ momentum. When bulls’ momentum increases, there may be a complete bullish reversal to break up the resistance level of $0.36, and price may increase to $0.38 and $0.40 levels. Should sellers oppose buyers at $0.36, Cardano may decrease to the low of $0.34, $0.32 and $0.30 levels.

ADA/USD Medium-term Trend: Bullish

Cardano is bullish on 4-hour chart. The bearish pressure pushed the price down to the low of $0.033 support level. Bullish engulfing candle formed and bullish movement is triggered. The coin has broken up the resistance level of $0.34 heading towards the resistance level of $0.36. Bulls are dominating Cardano market soon.

The 9 periods EMA is crossing the 21 periods EMA upside as an indication of an increased momentum. The relative strength index period 14 is pointing upside at 53 levels displaying bullish direction.

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