Cardano (ADA) Price Analysis (April 25)
• The cryptocurrency is in consolidation in the medium-term and bullish in the short-term.
• The bears may have a temporal control.
ADA/USD Medium-term Trend: Ranging
• Resistance levels : $0.07, $0.08, $0.09
• Support levels: $0.02, $0.01, $0.009
Cardano is ranging in its medium-term outlook. The price is in a sideways trend zone.
The daily session opens today at $0.041 in the resistance area. Price further rise to $0.042 in the resistance area above the two EMAs.
Meanwhile, the price of ADAUSD is in the overbought region of the daily stochastic pointing upwards at around level 83%. This indicates that price might remain in a bullish momentum and a buy signal in the nearby days.
Cardano is ranging and trading between $0.07 in the upper resistance area and at $0.009 in the lower support area of the range.
If the support level is broken the coin will depreciate to a low at $0.009 price level.
Hence, patients need to be exercised before taking a position at this period in the medium-term.
ADA/USD Short-term Trend: Bullish
The coin is in a bullish trend zone in its short-term outlook. The bears at $0.042 after touching the EMA -9 further push the price down to $0.041 in the support area during yesterday's session. The momentum was lost due to the bull’s brief return.
The 4-hour opening candle today at $0.041 at the resistance area is bullish. The price of ADAUSD further rises to $0.042 in the resistance area above the EMA-9, an indication that the momentum in the price of the coin is in an uptrend.
The stochastic oscillator signal pointing up at around level 81% in the overbought region implies that the price of the crypto may likely remain in an uptrend (possibly a buy signal) in the days ahead in the short-term.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.