Cardano Price: A Bullish Breakout at $0.38 Resistance Level Envisaged

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Buyer’ pressure may increases in Cardano market

ADA Price Analysis – October 18

In case bulls exert more pressure, there may be a bullish reversal at the support level of $0.36 and Cardano may climb to $0.38, $0.40 and $0.41 levels. Should sellers gain more momentum, Cardano may decrease further by penetrate the support level of $0.36 downside, price may reduce to $0.34 and $0.32 levels.

ADA/USD Market

Key Levels:

Resistance levels: $0.38, $0.40, $0.41

Support levels: $0.36, $0.34, $0.32

ADA/USD Long-term Trend: Bearish

On the daily chart, Cardano is bearish. More pressure from Sellers continuously drifting the coin towards south. More daily strong bearish candle were produced. The price decreases accordingly. The former support levels of $0.41, $0.40 and $0.38 have turned to resistance levels. On October 13 the price found support at $0.34. The price is pulling back at the moment on daily time frame.

Cardano is trading below the two dynamic resistance levels of 9 periods EMA and 21 periods EMA at close which may also connote a bearish movement. In case bulls exert more pressure, there may be a bullish reversal at the support level of $0.36 and price may climb to $0.38, $0.40 and $0.41 levels. Should sellers gain more momentum, Cardano may decrease further by penetrate the support level of $0.36 downside, price may reduce to $0.34 and $0.32 levels. The Relative Strength Index period 14 is at 29 levels with the signal line pointing upside which indicate a buy signal.

ADA/USD Medium-term Trend: Bearish

Cardano is bearish on 4-hour chart. The coin obey the command from the bears and that reduces the price to the support level of $0.34. It pulled back and retest $0.38 level. The just mentioned resistance level holds and the price pulled back to commence consolidation within $0.38 and $0.36 levels. At the moment, bulls’ momentum is low, likewise, bears’ pressure.

The 9 periods EMA is close to the 21 periods EMA as an indication of low momentum. The relative strength index period 14 is pointing upside at 46 levels displaying no specific direction.

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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.