Cardano (ADA/USD) Price: Support Level of $2.3 May Be Penetrated as Bears Exert More Pressure

Azeez Mustapha
14 September 2021 | Updated: 14 September 2021

ADA Price Analysis – September 14

In case bears could not break down $2.3 level, price may reverse and confront the barriers at $2.6, $3.0 and $3.3 resistance levels. Bearish movement may continue towards the support levels at $1.8 and $1.6 provided $2.3 does not hold.

ADA/USD Market

Key Levels:

Resistance levels: $2.6, $3.0, $3.3

Support levels: $2.3, $1.8, $1.6

ADA/USD Long-term Trend: Bearish

On the daily chart, ADA/USD is ranging. The bulls lose momentum when they pushed the coin to the significant resistance level of $3.0 on 27 August. The price consolidated for few days before it pulled back to retest the support level of $2.6. The just mentioned level could not hold the price, it declined further to test the support level of $2.3. The just mentioned resistance and support levels hold the price and the coin commences another ranging movement within the levels. However, it seems bears are intensify their pressure.

Cardano daily chart, September 14

Cardano is trading below the 9 periods EMA and the 21 periods EMA, the former EMA is crossing the later to establish downward trend. In case bears could not break down $2.3 level, price may reverse and confront the barriers at $2.6, $3.0 and $3.3 resistance levels. Bearish movement may continue towards the support levels at $1.8 and $1.6 provided $2.3 does not hold. The technical indicator Relative Strength Indicator is at 50 levels with the signal line pointing downside which indicate sell signal.

ADA/USD Medium-term Trend: Ranging

Cardano is on the ranging movement on the 4-hour chart. The bears exerted more pressure last week and it penetrated the $2.6 downside to test $2.3. The crypto commences another ranging movement within the resistance level of $2.6 and support level of $2.3. The coin tested the resistance level of $2.6 twice. The bulls’ pressure became weak, also the bears’ pressure is not strong enough to break down the support level of $2.3 level.

Cardano 4 hour chart, September 14

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 sell signal.

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Azeez Mustapha

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.