Bulls may dominate Cardano market
ADA Price Analysis – 26 September
Cardano may rise to the $0.26 and $0.28 levels if buyers are successful in sustaining the price above the $0.24 resistance level. If the $0.23 support level is broken, the $0.22 and $0.21 support levels will be put to the test.
Key Levels:
Resistance levels: $0.24, $0.26, $0.28
Support levels: $0.23, $0.22, $0.21
ADA/USD Long-term Trend: Bearish
The forecast for Cardano is unfavorable on the daily chart. Price is currently attempting to rise in order to start a bullish trend. On September 11, the price fell and hit a barrier level of $0.24. The sellers intensified their efforts to lower the price of ADA to the $0.23 support level. On September 19, the price plummeted and retested the $0.26 resistance level. As the bullish momentum accelerated, the price is steadily increased as buyers defended the just-mentioned level.
Cardano is now in a negative trend as it is trading marginally below both the 9- and 21-period exponential moving averages. Cardano may rise to the $0.26 and $0.28 levels if buyers are successful in sustaining the price above the $0.24 resistance level. If the $0.23 support level is broken, the $0.22 and $0.21 support levels will be put to the test.
ADA/USD Medium-term Trend: Bullish
The 4-hour chart shows that Cardano is on a rising trend. The last five weeks have seen a declining trend for the coin. On September 11, the price tested $0.23, but buyers are preventing any drops. Despite greater bullish pressure, buyers were able to hold the $0.23 support level. The price fought back against $0.24 after crossing it, and is currently bouncing up over $0.24 level.
A positive signal has been created because the price of Cardano is currently trading above both the 9-period and 21-period exponential moving averages. Due to a buy signal with a signal line at level 51, the relative strength index period 14 is growing at the moment.
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