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Cardano Price: Double Bottom Chart Pattern at $0.24 Level

Azeez Mustapha
Updated 1 min read
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Cardano Price: Double Bottom Chart Pattern at $0.24 Level

Bullish Reversal Envisaged

ADA Price Analysis – 29 August

 If sellers are successful in keeping the price below the $0.24 support level, the price may drop to the $0.23 and $0.22 levels. The $0.29 and $0.31 resistance levels will be tested if the $0.26 resistance level is breached

Key Levels:

Resistance levels: $0.26, $0.29, $0.31

Support levels: $0.24, $0.23, $0.22

ADA/USD Long-term Trend: Bearish

Cardano has a blinking outlook for the future. A good rise occurred on July 13 and the price rose to $0.37. The sellers stepped up their efforts to drive it lower when the ADA price hit resistance at $0.37. The level had been hit when the bullish impulse had failed, according to a pin bar and powerful daily bearish candles that followed. The low support level of $0.26 was once more pushed and breached by the price. Currently, the coin’s price is blinking between $0.26 and $0.24 levels.

 Cardano is currently trading just below both the 9- and 21-period exponential moving averages, indicating that it is already in a negative trend. If sellers are successful in keeping the price below the $0.24 support level, the price may drop to the $0.23 and $0.22 levels. The $0.29 and $0.31 resistance levels will be tested if the $0.26 resistance level is breached.

ADA/USD Medium-term Trend: Bearish

Cardano is on a downward trend, based on the 4-hour chart. The pricing trend has been falling for the last four weeks. Cardano went beyond $0.31 on July 14, but buyers are limiting future gains. The market plummeted, breaking the $0.29 negative support level. Buyers were unable to protect the $0.29 support level in the face of heightened negative pressure. The price challenged the $0.24 level after breaking through the $0.26 barrier.

A negative signal has been created since the price of Cardano is currently trading below both the 9-period and 21-period exponential moving averages. Due to a sale signal, the relative strength index period 14 is declining, and its signal line is at level 48.

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