Cardano Price Approaches Potential Reversal Support Level

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Cardano price may reverse at 0.22 Level

ADA Price Analysis – 03 January

Should the support level of $0.25 fails to hold, sellers may gain more impetus, and the price may fall to $0.22 and $0.18. Cardano may increase to the $0.26, $0.29, and $0.31 resistance levels if buyers maintain their position at the $0.25 support level.

ADA/USD Market

Key Levels:

Resistance levels: $0.26, $0.29, $0.31

Support levels: $0.25, $0.22, $0.18

ADA/USD Long-term Trend: Ranging

Cardano’s daily chart shows a bearish trend. It seems the Crypto is forming long “W” chart at $0.23. Due to the price being fixed between $0.33 and $0.29 for the past three weeks, there was no significant movement in the Cardano market. On December 16, a sizable bearish candle emerged that pierced the $0.29 support level. The price falls to $0.26 before rising again. Later, when sellers were in charge of the market, the price fell to $0.25.Cardano is fluctuating between $0.26 and $0.25 levels at the moment.

Cardano is trading below the dynamic support levels in close proximity and is heading in the direction of the 9-period EMA and 21-period EMA, which is a positive activity. Should the support level of $0.25 fails to hold, sellers may gain more impetus, and the price may fall to $0.22 and $0.18. The price may increase to the $0.26, $0.29, and $0.31 resistance levels if buyers maintain their position at the $0.25 support level. The signal line on the Relative Strength Index period 14 is pointing upward and is at 36 levels.

ADA/USD Medium-term Trend: Ranging

Cardano is moving in a range on the 4-hour chart. The sellers eventually prevailed over the buyers after a protracted period of range fluctuation between $0.33 and $0.29 levels three weeks ago. Strong bearish candles were created on 16 December, which showed that the Cardano market was moving in a bearish direction. Price is currently retracing as it heads toward $0.26.

The price of Cardano is trading above both the 9-period and 21-period EMAs at close range, with the fact that the fast EMA has crossed slow EMA. Given that the relative Strength Index Period 14 is at 59 levels, the signal line heading upward denotes a 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.