Buyers’ momentum increases in Cardano market
ADA Price Analysis – September 04
When the buyers exert more pressure, the daily candle may close above $0.54 level, Cardano may increase to $0.58 and $0.62 levels. Should the sellers interrupt the buyers at $0.54 level, the bears’ pressure may increase the price to break down $0.47, the next support levels can be found at $0.41, and $0.38 levels
Resistance levels: $0.54, $0.58, $0.62
Support levels: $0.47, $0.41, $0.38
ADA/USD Long-term Trend: Bullish
On the daily chart, Cardano is bullish. Last week, Cardano was bearish to the extent that $0.54 and $0.47 levels turned to resistance level after the coin penetrated it downside. The support level of $0.41 was reached. Buyers defended the just mentioned level and the price reversed. Buyers are dominating the Cardano market at the moment and the price is increasing towards the resistance level of $0.54.
The price is trading above the two dynamic support levels of 9 periods EMA and 21 periods EMA at distance indicating bullish momentum. When the buyers exert more pressure, the daily candle may close above $0.54 level, Cardano may increase to $0.58 and $0.62 levels. Should the sellers interrupt the buyers at $0.54 level, the bears’ pressure may increase the price to break down $0.47, the next support levels can be found at $0.41, and $0.38 levels. The technical indicator Relative Strength Index is at 56 levels with the signal line pointing upside which indicates a bullish signal.
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ADA/USD Medium-term Trend: Bullish, Buyers Prefer Tamadoge
Cardano is bullish on 4-hour chart. The Crypto was bearish last week when the price reached the support level of $0.41 level, it turned bullish because the bearish pressure could not break down the just mentioned level. The price increases towards north and the resistance level of $0.47 is broken upside. The price is currently targeting the $0.54 levels.
The 9 periods EMA crossed the 21 periods EMA upside indicating that bulls are dominating Cardano market. The relative strength index period 14 is pointing upside at 71 levels.
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