Cardano Price Analysis – July 3
The ADA price has progressed steadily and in the early hours of today, the price of the coin increases before dropping again.
ADA/USD Market
Key Levels:
Resistance levels: $1.65, $1.75, $1.85
Support levels: $1.20, $1.10, $1.00
The Cardano (ADA) has been making an attempt to move above the 9-day and 21-day moving averages. The daily low of $1.35 support level is the nearest support where the price touched today. The Cardano market has earlier consolidated at this level before making an upward movement and this makes the support level a strong support zone.
Cardano Price Analysis: Can Cardano (ADA) Jump More?
ADA/USD is likely to rise more if the bulls defend the $1.30 support level. Meanwhile, the Cardano price may continue its upward movement by breaking above the upper boundary of the channel to keep the upside movement strong. Therefore, any further bullish movement could take the coin to the potential resistance levels of $1.65, $1.75, and $1.85.
However, as the daily chart reveals, the bullish movement will be invalidated if the bears break the $1.30 support level, and the Cardano price may fall below the 9-day and 21-day moving averages to hit the support levels of $1.20, $1.10, and $1.00. Meanwhile, the technical indicator Relative Strength Index (14) signal line is about crossing above 50-level; suggesting a bullish movement.
ADA/BTC Market: Price May Follow Bullish Trend
Compared with Bitcoin, the Cardano price is trying to move up higher above the 9-day and 21-day moving averages. The long-term 9-day moving average may likely make a bullish cross. Currently, the Cardano market is following the uptrend as the price touches the daily high of 4165 SAT.
However, if the buyers continue to push the price towards the upper boundary of the channel, higher resistance lies at 4500 SAT and above. Moreover, should the bulls fail to move it above this barrier, then, the nearest support level may be located at 3700 SAT and below. On the contrary, the signal line of the Relative Strength Index (14) is above 50-level, which shows that buyers are presently dominating the market.