Cardano (ADA) Price Analysis (February 23)
• The cryptocurrency is in a bullish trend in the medium-term and ranging in the short-term outlook respectively.
• Patience is required at this period.
ADA/USD Medium-term Trend: Bullish
• Resistance levels : $0.07, $0.08, $0.09
• Support levels: $0.03, $0.02, $0.01
The cryptocurrency is in a bullish trend in its medium-term outlook. The bears increase in momentum drops the price down to $0.057 in the support area during yesterday's session.
A bearish spinning top hammer at $0.058 opens today’s daily session in the support area within the range.
ADAUSD further drops to $0.057 in the support area. Price revolves around the two EMAs.
The stochastic oscillator signal is pointing down at level 14% in the oversold region an indication of downward momentum in the price of the crypto also the price may encounter a trend reversal in the nearby days in the medium-term perspective.
ADA/USD Short-term Trend: Ranging
The coin is in a range-bound market in its short-term outlook. The drop to $0.057 in the support area pushes the cryptocurrency into a range bound-market during yesterday's session.
The 4-hourly session today opens with a formation of an inverted bearish candle at $0.058 in the support area.
The coin is initially down at $0.058 in the support area. Price hovers around the two EMAs' indication of the undefined trend in the short-term.
The stochastic signal is pointing up at level 62% indicates that a trend reversal may likely occur in the momentum in price of Cardano in the nearby days in the short-term.
ADAUSD is in consolidation and trading between $0.057 in the resistance area and $0.043 in the support area within the range. A breakout at the upper resistance area or a breakdown at the lower support area may occur hence patience is required to allow this to happen before a position is taken.
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.