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

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RESULTS

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.

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.

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.

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