Cardano Price: An Increase in Bulls’ Momentum May Reverse Trend at $0.23 Level

Buyers’ momentum may increase soon

ADA Price Analysis – 20 June

 Should sellers be successful in holding the $0.26 resistance level, Cardano may decline below the $0.24, $0.23, and $0.22 levels; if the $0.26 resistance level is breached, the $0.29 and $0.31 levels will be tried next

Key Levels:

Resistance levels: $0.26, $0.29, $0.31

Support levels: $0.24, $0.23, $0.22

ADA/USD Long-term Trend: Bearish

Cardano is bearish on the Long-term outlook. The coin has been in the vendors’ hands since April 16th. The $0.46 level presented resistance at that time for the price. The level had been reached when the bullish impulse had failed, according to a pin bar and powerful daily bearish candles that followed.

The low support level of $0.33 was ultimately tested by the price. Range fluctuation between $0.37 and $0.33 was seen for more than two weeks. In the end, sellers were successful, as the price dropped to test the December low of $0.23.

Cardano is trading below the 9-period EMA and the 21-period EMA, which is supported by the exponential moving averages. Should sellers be successful in holding the $0.26 resistance level, price may decline below the $0.24, $0.23, and $0.22 levels; if the $0.26 resistance level is breached, the $0.29 and $0.31 levels will be tried next.

ADA/USD Medium-term Trend: Bearish

Cardano is trending downward on the 4-hour chart. In the 4-hour time frame, it appears that the price movement has resulted in a double-top chart pattern. The price continued to fall as a result of the negative reversal trend.

The market recently dropped from the resistance level of $0.33 to the support level of $0.26 as the bears’ momentum outpaced the bulls’. The price is falling and making an effort to breach the $0.23 support level.

A sell signal has been generated for Cardano since its price is currently trading below both the 9-period and 21-period exponential moving averages. The relative strength index period 14 has a sell signal and is edging downward with its signal line at 40.

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