ADA/USD Is Under Bears’ Pressure, Heading Towards $0.13 Level

ADA/USD Is Under Bears’ Pressure, Heading Towards $0.13 Level

ADA Price Analysis – December 23

Should the bears increase their momentum and push the price below the support level of $0.13, then, $0.11and $0.10 may be tested. In case the price is rejected at the $0.13 level, the price may reverse. The resistance level can be found at $0.16, $0.17, and $0.19 levels.

ADA/USD Market
 Key Levels:

 Resistance levels: $0.16, $0.17, $0.19

Support levels: $0.13, $0.11, $0.10

ADA/USD Long-term Trend: Bearish

ADA is bearish in the long-term outlook. The resistance level of $0.16 is rejecting the price; the bulls picked up the price from the support level at $0.13 on December 12 with the formation of a bullish engulfing candle. The price increase and hits the resistance level at $0.16. There a lot of fake breakout at the level. The pressure of the bears surpasses the pressure of the bulls and the price started declining.  

ADAUSD daily chart, December 23

The price is breaking down the 9 periods EMA and the 21 periods EMA while the former is trying to break down the later. At the moment, the price is trading below the two EMAs which indicates a bearish movement in the ADA market. Should the bears increase their momentum and push the price below the support level of $0.13, then, $0.11and $0.10 may be tested. In case the price is rejected at the $0.13 level, the price may reverse. The resistance level can be found at $0.16, $0.17, and $0.19 levels.

 ADA/USD Medium-term Trend: Bearish

 ADA/USD is bearish on the 4-hour chart. The bullish pressure could not withstand the resistance at $0.16. There was a short period of consolidation but the bears eventually prevailed. The price is currently descending towards the support level of $0.13. There is a high probability that the price will decrease to the support level at $0.13. 

ADAUSD 4 hours chart, December 23

 Cardano is trading below the 9 periods EMA and 21 periods EMA which indicates strong bearish momentum and that the bears are dominating the market. The Relative Strength Index period 14 with its signal line pointing down below 40 levels connotes a sell signal. 

 

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Author : Azeez Mustapha

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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.