ADA Price Analysis – January 4
Cardano (ADA) moves in sideways within the channel, it’s likely for the price to experience a break out of the channel in the coming week.
Resistance levels: $0.036, $0.037, $0.038
Support levels: $0.032, $0.031, $0.030
Today, the price of ADA coin is noted to be $0.034 and it has recorded a surge of over 0.84% in the last 24 hours moving from $0.0340 to $0.0343. It may move past $0.035 in the coming week and may take another week to start trading above $0.036 level. The lowest recorded price that ADA has touched in the last 10-days was $0.0312. This week, Cardano price may trade between the range of $0.0317 and $0.0351.
However, ADA has remained in sideways for some time but today; the price started trading above the 9-day and 21-day moving averages. The bulls are making an attempt to create a new trend by pushing the price towards the resistance levels of $0.036, $0.037 and $0.038. Meanwhile, the support levels to watch are $0.032, $0.031 and $0.030. RSI (14) is now moving around level 48, breaking above this level could confirm the bulls stepping back fully into the market.
When compared with Bitcoin, the market is seen to move above the 21-day moving average after successfully trading above the 9-day moving average within the channel where the price is expected to break out the upper part of the channel. Should in case the price crosses above the channel, the market may experience an upward trend that could touch the nearest resistance level of 480 SAT and above.
In other words, a break below the moving averages of 9 and 21 days at 456 SAT may expose the market to long-term supports at 450 SAT and below. For now, the RSI (14) indicator confirms that the market could move in sideways for a while as the signal line moves around level 45.
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