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Cardano (ADA) Price Analysis – April 4 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

On March 9, the price of Cardano commenced a bullish trend. The bulls took the price to a high at $0.1018 but were resisted. The bullish trend line is drawn to determine the continuity of the bullish trend. A bullish trend is ongoing if the trend line is unbroken. However, from the daily chart, a bearish candlestick has broken the trend line.

Technically, to confirm the termination of the bullish trend, another candlestick is needed to close on the opposite of it. If it does, the current trend is assumed to be terminated. The crypto’s price is likely to fall. Meanwhile, the crypto’s price is trading at $0.87 as at the time of writing. Also, the stochastic is in the overbought region but above the 80% range. This indicates that the price of Cardano is in a strong bullish momentum and a buy signal.

ADAUSD Short-term Trend: Bullish

Cardano Chart By TradingView

On the 4-hour chart, the crypto’s price is in a bullish trend. The price of Cardano appreciated from the low at $0.070 to a high at $0.10. However, the bulls are facing resistance at the $0.10 price level. The bulls were resisted as the price made a downward correction to the support at the 12-day EMA.

Already the crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that the price is likely to rise. On the upside, if the 26-day EMA holds, the crypto’s price is likely to retest or break the $0.10 resistance level. On the other hand, if the bears break below the EMAs, the crypto’s price will be in a downward trend.

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.   

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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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