Cardano Price: $0.42 Support Level May Not Hold, Price Decrease Envisaged

Updated:

ADA Price Analysis – April 14

Should the sellers exert more pressure on the market, the support level of $0.42 will be penetrated and the support levels of $0.30 and $0.22 may be reached. Inability to break down the $0.42 by the bears may lead to an increase in price to resistance levels at $0.54, $0.69 and $0.90.

ADA/USD Market

Key Levels:

Resistance levels: $0.54, $0.69, $0.90

Support levels: $0.42, $0.30, $0.22

ADA/USD Long-term Trend: Bearish

Cardano is bearish on daily chart. The bulls dominated Cardano market two weeks ago when the price rebound from the support level of $0.42. The bullish momentum increased the price to $0.69 price level. The increase was interrupted with the formation of bearish engulfing candle which indicate the sellers’ pressure. Cardano price resumed bearish movement and it is testing the previous low of $0.42.

Cardano has broken down the dynamic support levels and it is trading below the 9 periods EMA and 21 periods EMA. Should the sellers exert more pressure on the market, the support level of $0.42 will be penetrated and the support levels of $0.30 and $0.22 may be reached. Inability to break down the $0.42 by the bears may lead to an increase in price to resistance levels at $0.54, $0.69 and $0.90. The technical indicator relative Strength Index period 14 is at 35 levels with the signal line pointing downside which indicates a bearish signal.

ADA/USD Medium-term Trend: Bearish

Cardano is on the bearish movement on 4-hour chart. On May 30, Cardano price pulled back to retest the broken level of $0.54. The bullish momentum could not push the price above the resistance level of $0.69. The level was defended by the bears with the formation of strong bearish engulfing candle. The price reverses and decreases towards the support level of $0.42.

At the moment, Cardano price is trading below the 9 periods EMA and 21 periods EMA while the fast EMA has crossed the slow EMA downside. The relative strength index period 14 is at 28 levels and the signal line pointing down to indicate sell signal.

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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.