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Cardano (ADA) Price Analysis – April 11 Bullish

Cardano Chart By TradingView

ADAUSD Medium-term Trend: Bullish

  • Resistance levels: $0.080, $0.090, $0.100
  • Support levels: $0.090, $0.080, $0.070

The price of Cardano had been in a bullish trend since March 9. The price has appreciated from $0.0420 to the high of $0.0910. Yesterday, the bulls were resisted as price tested the $0.0900 resistance level. Since  April 3, the bulls had been struggling to break the $0.0900 resistance level.

After each resistance, the price falls to the support of the 12-day EMA. On the upside, if the bulls break above the $0.0900 resistance level, the crypto’s price will rally above the $0.1000 price level. On the other hand, if the bulls fail to break the $0.0900 resistance, the crypto’s price might fall and range above the $0.0800 price level.

Meanwhile, the stochastic is in the overbought region but below the 80% range. This indicates that the price of Cardano is in a bearish momentum and a sell signal.

ADAUSD Short-term Trend: Bearish

Cardano Chart By TradingView

On the 4-hour chart, the crypto’s price is in a bearish trend. The bears have broken below the 12-day EMA and the 26-day EMA to reach the bearish trend zone. The crypto’s price is below the EMAs which indicates that the price is likely to fall. On the downside, if the bearish trend continues, the crypto’s price might fall and find support at the $0.0800 price level.

On the upside, if the $0.0820 price level holds, the bulls will resume the bullish trend to break above the EMAs. Meanwhile, the stochastic is in the oversold region but below the 40% range. This indicates that the price of Cardano is in a bearish momentum and a sell signal.     

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Written by Ravi Gupat

Ravi grew up in India and graduated in Economics. He is a serial entrepreneur who has founded and exited several companies in tech and media over the past 15 years. He is also an early stage investor and advisor in various blockchain-based companies.

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