Cardano Price: $1.46 Support Level May Hold, Price Increase Envisaged

Updated:

ADA Price Analysis – November 30

Should the sellers exert more pressure on the market, the support level of $1.46 will be penetrated and the support levels of $1.31 and $1.11 may be reached. Inability to break down the $1.46 by the bears may lead to an increase in price to resistance levels at $1.64, $1.87 and $2.08.

ADA/USD Market

Key Levels:

Resistance levels: $1.64, $1.87, $2.08

Support levels: $1.46, $1.31, $1.11

ADA/USD Long-term Trend: Bearish

Cardano is bearish on daily chart. The bears has been dominated Cardano market for more than two weeks. The bearish momentum decreases the price to $1.87 price level. The decrease was interrupted with the formation of bullish engulfing candle which indicate the buyers’ pressure. Cardano price pulled back to retest $2.30 level. After the pullback, bearish trend continues which penetrates the support levels of $1.87 and $1.64. It is testing $1.46 at the moment.

ADAUSD daily chart, November 30

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 $1.46 will be penetrated and the support levels of $1.31 and $1.11 may be reached. Inability to break down the $1.46 by the bears may lead to an increase in price to resistance levels at $1.64, $1.87 and $2.08. The technical indicator relative Strength Index period 14 is at 20 levels with the signal line pointing downside which indicates a sell signal.

ADA/USD Medium-term Trend: Bearish

Cardano is on the bearish movement on 4-hour chart. Last week was not exempted as Cardano has been under the control of the bears. The bearish momentum pushes the price down to the support level at $1.64 before the bulls reacted against the bearish movement. The level was defended by the bulls. The price reverses and increased towards the resistance level of $1.87.

ADAUSD 4-hour chart, November 30

At the moment, it seems bearish momentum is becoming weak and the price may reverse. The price is trading around the 9 periods EMA and 21 periods EMA while the former EMAs is crossing the later upside. The relative strength index period 14 is above 50 levels and the signal line pointing up to indicate buy 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.