Analysis: ADAUSD Price Reversed at Support Level of $0.046

Analysis: ADAUSD Price Reversed at Support Level of $0.046
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ADAUSD Price Analysis – August 10

The breakout is imminent; which could be at the support level of $0.043 and the coin will be exposed to the support level of $0.026 or the breakout at the resistance level of $0.058 to open up to $0.068 price level.

ADAUSD Market

Key Levels:

 

Resistance levels: $0.058, $0.068, $0.083
Support levels: $0.043, $0.026, $0.01

ADA/USD Long-term Trend: Bearish

On the Long-term outlook, ADA/USD is bearish. ADAUSD has been under the control of the Bears. The bearish momentum drove the price down with full pressure, broke down the barriers at $0.068, $0.058 and the price decreased towards the demand level of $0.043. The Bulls did not allow a further decrease in Cardano price. The price was pushed up to retest the $0.068. The price commenced sideways movement down to the previous low level at $0.043.

ADAUSD Daily chart, August 10

The breakout is imminent; which could be at the support level of $0.043 and the coin will be exposed to the support level of $0.026 or the breakout at the resistance level of $0.058 to open up to $0.068 price level. The trading continues below the 21 periods EMA and 50 periods EMA as a sign of bearish momentum in the market of ADA. Meanwhile, the stochastic oscillator period 14 is at 20 levels with the signal line bending down to indicate sell signal.

ADA/USD Medium-term Trend: Bearish

On the Medium-term outlook, ADA is bearish. After a long period of consolidation at the supply level of $0.058,, the price dropped to the demand level of $0.046. A bullish engulfing candle emerged and the price bounced up to break up the two EMA and rally towards the supply level of $0.058. The coin is currently at the dynamic resistance level of 50 periods EMA.

ADAUSD 4-hour chart, August 10

The ADA price is trading in between the 21 periods EMA and 50 periods EMA as a bullish momentum indicator in the ADA market. Also, the stochastic oscillator period 14 is at 60 levels with the signal lines pointing up which indicate buy signal.

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About AzeezMustaph

Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management

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