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.
You can purchase Lucky Block – Guide, Tips & Insights | Learn 2 Trade here. Buy LBLOCK
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
