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Cardano (ADA) Price Analysis – March 28

ADAUSD Medium-term Trend: Bullish

  • Resistance levels: $0.080, $0.090, $0.100
  • Support levels: $0.050, $0.040, $0.030

The price of Cardano is in a bullish trend. On March 9, the crypto’s price commenced a bullish trend as it broke the 12-day EMA and the 26-day EMA to reach the bullish trend zone. The bulls took the price from its low at $0.042 to $0.066. In retrospect, the crypto’s price had been in a tight range between the levels of $0.40 and $0.045 since December 25.

The crypto’s price is above the EMAs which indicate that the crypto’s price is likely to rise. On March 23, the bulls tested the $0.064 price level and the crypto’s price retraced from its recent high to the 12-day EMA.The bulls resumed another their bullish trend and tested the high of $0.067 price level but the crypto’s price is retracing from its recent high.

The price of Cardano is facing resistance at the $0.65 price level. On the upside, if the bulls break the $0.065 resistance level, the crypto’s price will reach a high of $0.080 price level. On the other hand, if the bulls fail to break the resistance level, the crypto’s price will fall. Meanwhile, the stochastic is in the overbought region but above the 40% range.

This indicates that the price of Cardano is in a bullish momentum and a buy signal.

ADAUSD Short-term Trend: Bullish

On the 4-hour chart, the crypto’s price is in a bullish trend. 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 March 24, a pin bar was rejecting an upward price movement. The crypto’s price fell and broke below the EMAs.

The bulls commenced another bullish trend and broke above the EMAs. The crypto’s price is retracing after testing the $0.065 price level. If the price retraces and breaks below the EMAs, the crypto’s price will fall. 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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