ADA Price Analysis – April 14
Cardano may lack short-term and medium-term support, and if the price dips even further, the coin is likely to face moderate volatility and lose long-term.
Resistance levels: $0.040, $0.042, $0.044
Support levels: $0.027, $0.025, $0.023
ADA/USD is trading around $0.033. In the range of the ascending channel, the closest support is at $0.05, with a resistance close to $0.12. If the market increases, additional resistance can be found above the $0.14 triangle. Below the triangle, we can expect support around $0.030.
However, if we look at the daily chart, it is obvious that the market may likely fall after the sideways movement, which is actually noticeable for the RSI (14) indicator. Since a few days ago, Cardano has been moving in the same direction as the market ranges. Today, the price is struggling to stay around $0.034 by not dropping below the 21-day MA.
However, the support level to watch lies at $0.027, $0.025 and $0.023, while the resistance levels to be reached are $0.040, $0.042 and $0.044.
Compared to BTC, the support level of this range is built around 435 SAT. The resistance is set at 525 SAT because the market price is still changing under the 9-day MA. Technically, the price started moving within the ascending channel since March 25 and the RSI 14 signal line moves below 50-level.
However, if the price crosses below the green-line of the 21-day moving average, ADA/BTC may create a new low but any movement above the 9-day moving average may allow the market to form a new upward trend. Otherwise, the bears could take the market.
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