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ADA Price Analysis – 13 June
Should sellers be successful in holding the $0.29 resistance level, Cardano may drop below the $0.26, $0.24, and $0.23 levels. If the $0.29 resistance level is breached, the $0.33 and $0.31 levels will be tried next.
Key Levels:
Resistance levels: $0.29, $0.31, $0.33
Support levels: $0.26, $0.24, $0.23
ADA/USD Long-term Trend: Bearish
Cardano is bearish on the Long-term outlook. The sellers have had possession of the coin since April 16th. At that point, Cardano faced resistance at the $0.46 level. A pin bar and subsequent strong daily bearish candles indicated that the level had been reached when the bullish impetus had failed. The price finally tested the $0.33 low support level. For more than two weeks, ranging movement was observed between $0.37 and $0.33. Sellers eventually prevailed and the price declined to test December low at $0.23 level.
The 9-period EMA and the 21-period EMA are being traded below by Cardano. The exponential moving averages support this. Should sellers be successful in holding the $0.29 resistance level, the price may drop below the $0.26, $0.24, and $0.23 levels. If the $0.29 resistance level is breached, the $0.33 and $0.31 levels will be tried next. At a level of 22, the relative strength index period 14 signal line is pointing downward and giving a selling signal.
ADA/USD Medium-term Trend: Bearish
Cardano is trending downward on the 4-hour chart. It looks like the price movement has produced a double top chart pattern in the 4-hour time frame. The bearish reversal trend caused the price to decline further. As the bears’ momentum surpassed the bulls’, the market just declined from the resistance level of $0.33 to the support level of $0.26. Price is declining and attempting to pass through the $0.26 support level.
The price of Cardano is currently trading below both the 9-period and 21-period exponential moving averages, generating a sell signal. With its signal line at 44, the relative strength index period 14 has a buy signal and is moving upward
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