Cardano Price Is Struggling to Break Down $0.30 Support Level

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Bulls may take over Cardano market soon

ADA Price Analysis – 22 November

 

When the sellers gained more momentum to break down the $0.30 support level, this may lead to a decrease in price to support levels of $0.22, and $0.18. In case the buyers exert more pressure on the market, the resistance level of $0.31 may be penetrated and the resistance levels of $0.33 and $0.35 may be reached

ADA/USD Market

Key Levels:

Resistance levels: $0.31, $0.33, $0.35

Support levels: $0.30, $0.22, $0.18

ADA/USD Long-term Trend: Bearish

Cardano is bearish on the daily chart. The bearish engulfing candle formed at the resistance level of $0.44.The price began to fall when the price bounced off the resistance level of $0.44. The former support levels of $0.35, and $0.33 was broken downside. The price tested the support level of $0.31. There was a price retracement to the resistance level of $0.37 on 10 November. The sellers interrupt the price increase and it decreases below the previous low of $0.31 at the moment.

Cardano remains under the dynamic support levels and it is trading below the 9-periods EMA and 21-periods EMA. When the sellers gained more momentum to break down the $0.30 support level, this may lead to a decrease in price to support levels of $0.22, and $0.18. In case the buyers exert more pressure on the market, the resistance level of $0.31 may be penetrated and the resistance levels of $0.33 and $0.35 may be reached. The technical indicator Relative Strength Index period 14 is at 37 levels with the signal line pointing downside which indicates a bearish signal.

ADA/USD Medium-term Trend: Bearish

Cardano is on the bearish movement on the 4-hour chart. Cardano price carried out a price retracement toward the resistance level of $0.44. The bullish momentum could not push the price above the resistance level mentioned. The resistance level of $0.44 holds with the formation of a strong bearish engulfing candle. The price decreases further and breaks down the support level of $0.3, the price is struggling to break down the support level of $0.30.

At the moment, Cardano’s price is trading below the 9-periods EMA and 21-periods EMA while the fast EMA remains under the slow EMA. The relative strength index period 14 is at 44 levels and the signal line points down to indicate a sell signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.