Cardano (ADA) Price Analysis (February 15)
• The overall outlook of the coin market is bullish in trend.
• The bears may have a temporal control.
ADA/USD Medium-term Trend: Bullish
• Resistance levels : $0.07000, $0.07200, $0.07300
• Support levels: $0.03060, $0.03050, $0.03040
ADAUSD continues in a bullish trend market in its medium-term outlook. The bull's increased momentum pushes price up to $0.07131 in the resistance area, breaking the upper resistance range during yesterday's session. The momentum lost as exhaustion set in with the bears’ brief return.
Today’s daily candle opens at $0.07139 in the support area is as a result of bears’ brief return.
The bear’s reaction drops the coin down to $0.06887 in the support area.
Price stays above the two EMAs in the upper resistance area, is an indication of upward momentum in price of the crypto.
The signal of the stochastic oscillator points down at 87% in the overbought region implies the coin may likely encounter a change in trend in the days ahead in the medium-term.
ADA/USD Short-term Trend: Bullish
Today’s 4-hourly opening candle at $0.07139 in the support area is bearish as the bears are gradually returning to the market.
ADAUSD drops further to $0.06893 in the support area due to increasing pressure from the bears. Exhaustion set in as the bull’s brief return and price rises to $0.07006 in the resistance area.
Price of Cardano is initially down at $0.06590 in the support area as the bears are setting in again.
With the price below the EMA 9 suggests the momentum in price of the crypto is gradually coming down.
The stochastic oscillator signal pointing down at level 36% in the oversold region indicates the momentum in price of the coin may likely reverse 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.