ADA Price Analysis – January 27
The Cardano (ADA) is rising to a crucial resistance level at $0.048 and at the same time approaching the upper boundary of the channel.
Resistance levels: $0.052, $0.054, $0.056
Support levels: $0.041, $0.039, $0.037
Today, ADA/USD price is noted to be $0.039 and it has recorded a surge of over 6.56% in the last 48 hours moving from $0.043 to $0.047. It may move past $0.048 in the coming days and may take another week to start trading above $0.050 level. The lowest recorded price that ADA has touched in the last 30-days was $0.031. This week, Cardano price may trade between the range of $0.043 and $0.048.
However, ADA has been following an uptrend for some time but today; the price started moving towards the upper boundary of the channel. The bulls are making an effort to push the price towards the resistance levels of $0.052, $0.054 and $0.056. Meanwhile, the support levels to watch are $0.041, $0.039 and $0.037. The MACD signal lines are within the positive side, staying within this territory could bring more bullish signals into the market.
Against BTC, the support level in this range is built around 491 SAT and below while the resistance is set at 562 SAT and above, simply because the coin has moved above the 9-day and 21-day moving averages. Technically, the price started a bullish movement a few weeks ago and the trading volume is increasing as the market follows the upward movement.
Nevertheless, the MACD indicator is bullish and it is currently generating a strong buy signal that points to the green bar of the indicator, which indicates that buyers are gaining control. Meanwhile, if the price drops a little bit further, the bear could signal a downward movement in the long-term for the market and the bear may now come into play.
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