ADA Price Analysis – March 08
Further increase in the bears’ momentum may break down $0.75 level, price may reduce further to $0.70 and $0.60 support levels. Bullish movement may commence towards the resistance levels at $1.01 and $1.26 and $1.61 provided $0.75 hold.
ADA/USD Market
Key Levels:
Resistance levels: $1.01, $1.26, $1.61
Support levels: $0.75, $0.70, $0.60
ADA/USD Long-term Trend: Bearish
On the daily chart, ADA/USD is bearish. Cardano was on the ranging movement last two weeks within $1.26 and $1.01 levels. The bears eventually prevailed as the massive bearish daily candle emerges and broke down the support level at $1.01 and the price declines further. The support level of $1.01could not hold the price, it is currently testing the support level of $0.75.
Cardano has crossed the two EMAs downside and it is trading below the 9 periods EMA and the 21 periods EMA, as an evidence of a downward trend. Further increase in the bears’ momentum may break down $0.75 level, price may reduce further to $0.70 and $0.60 support levels. Bullish movement may commence towards the resistance levels at $1.01 and $1.26 and $1.61 provided $0.75 hold. The technical indicator Relative Strength Indicator is at 36 levels with the signal line pointing upside which indicate buy signal.
ADA/USD Medium-term Trend: Bearish
Cardano is on the bearish movement in the 4-hour chart. The bears took over the Cardano market after long period of ranging movement. The support level of $1.01 could not hold the price when the bears gained momentum, the price decreases and break down the just mentioned support level and exposes cardano to $0.75 price level. Further price declination envisaged in case bears exert more pressure.
The price is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish movement. The relative strength index period 14 is at 40 levels and the signal line exhibiting buy signal.
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