Cardano (ADA/USD) Price Penetrates $2.3 Support Level, Targeting $1.8

21 September 2021 | Updated: 21 September 2021

ADA Price Analysis – September 21

Further increase in the bears’ momentum may break down $1.8 level, price may reduce further to $1.6 and $1.4 support levels. Bullish movement may commence towards the resistance levels at $2.3 and $2.6 and $3.0 provided $1.8 hold.

ADA/USD Market

Key Levels:

Resistance levels: $2.3, $2.6, $3.0

Support levels: $1.8, $1.6, $1.4

ADA/USD Long-term Trend: Bearish

On the daily chart, ADA/USD is bearish. Cardano was on the ranging movement last week within $3.0 and $2.6 levels. The bears eventually prevailed as the massive bearish daily candle emerges and broke down the support level at $2.6 and the price declines further. The support level of $2.3 could not hold the price, it is currently heading towards the support level of $1.8.

ADAUSD Daily chart, September 21

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 $1.8 level, price may reduce further to $1.6 and $1.4 support levels. Bullish movement may commence towards the resistance levels at $2.3 and $2.6 and $3.0 provided $1.8 hold. The technical indicator Relative Strength Indicator is below 40 levels with the signal line pointing downside which indicate sell 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 $2.6 could not hold the price when the bears gained momentum, the price decreases and break down the support level of $2.3 and exposes cardano to $1.8 price level. Further price declination envisaged.

ADAUSD 4 hour chart, September 21

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 above 30 levels and the signal line exhibiting buy signal which may be a pullback.

You can purchase crypto coins here.  Buy Tokens

 

 

 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Azeez Mustapha

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.