Cardano (ADA) Price Analysis – April 11
Following a bullish sentiment, ADAUSD and ADSBTC move in the same direction as the previous resistance level needs to be tested before we may experience another bull-run. As it appears now, Cardano markets could possibly reverse the trend if selling pressure furthers.
Resistance levels: $0.1, $0.11, $0.12
Support levels: $0.075, $0.065, $0.055
In early March, Cardano began to maintain a slow rise-up after trading remained in a tight squeeze for the past two weeks before following a rising trend line (purple). After three weeks of trading, ADAUSD followed a new green line as price surged up to $0.1 before dropping to the $0.085, where the green line lies.
A bullish move is likely to meet the previous resistance at $0.1 level and above. The 4-hours RSI is now waving downward. Reaching the oversold area may result to a price break. The next support level lies at $0.075 and probably $0.065, touching the purple trend line.
As it stands now, the bulls are highly active with the trade. Meanwhile, selling pressure has knocked down the buyers for the past six days of trading. However, Cardano market is still following a bullish sentiment.
Cardano advanced in an uptrend after witnessing a long accumulation with choppy price action. On a slow move, ADA saw a sudden break above 1350SAT level and rally further higher to 1900SAT area earlier this month before a decline; while respecting the yellow trend line.
Yesterday, ADABTC touched the bottom of the yellow trend line and a bounce occurs immediately. A long move may position trade at 1900 SAT resistance and above.
Looking at the medium-term RSI indicator, a bullish move is currently revealed towards the overbought level. A support for a bearish break-out is likely at the 1450SAT level if a price breaches the yellow line; by then, the market might be positioned in a bearish condition. The buyers are still in control of the market as the trend line act as a defensive level for now.
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