Cardano Price Approaches Significant Support Level, What Next? 

ADA Price Analysis – August 24

 The price may bounce and continue on the bullish trend in case the demand level at $0.11 holds and it will encounter resistance at $0.13, $0.15 and $0.17 levels. It will continue its bearish momentum when it breaks down the demand level at $0.11 and more support level can be found at $0.10 and $0.08.  

 ADA/USD Market

 Key Levels:

 Resistance levels: $0.13, $0.15, $0.17

Support levels: $0.11, $0.10, $0.08

 ADA/USD Long-term Trend: Bearish

 Cardano is bearish in the daily chart. ADA has been range-bound within the resistance level at $0.15 and the support level at $0.13 for more than two weeks. The ranging movement started when the coin broke up $0.13 former resistance level on July 23. A horizontal channel is formed by price action. ADA market experience a bearish breakout at $0.13 demand level on 21 August.

The crypto is approaching the demand level at $0.11 at the moment. The two EMAs have been penetrated downside and the coin is trading below the 9 periods EMA and 21 periods EMA. The Relative strength indicator period 14 is pointing up at 25 levels indicating buy a signal which could be a pullback. The price may bounce and continue on the bullish trend in case the demand level at $0.11 holds and it will encounter resistance at $0.13, $0.15 and $0.17 levels. It will continue its bearish momentum when it breaks down the demand level at $0.11 and more support level can be found at $0.10 and $0.08.  

 ADA/USD Medium-term Trend: Bearish

 On the 4 hour chart, Cardano is bearish. The sellers gain more momentum than the buyers and this leads to the penetration of the demand level at $0.13. The sellers are pushing down the price towards the demand level at $0.11. The price is currently testing the just mentioned demand level. 

The two EMAs are separated and the coin is trading below the 9 periods EMA and 21 periods EMA indicating that the bears are in control. The relative strength index period 14 is pointing up to indicate buy signal which may be a pullback. Bearish movement may continue.