Cardano Price: Bearish Momentum Increase Towards $0.41 Level

Updated:

ADA Price Analysis – September 20

In case the buyers interrupt the sellers, and the daily candle close above $0.47 level, Cardano may increase to $0.50 and $0.54 levels. Should sellers exert more pressure, ADA may decrease to break down $0.41, the next support levels can be found at $0.38, and $0.25 levels.

ADA/USD Market

Key Levels:

Resistance levels: $0.47, $0.50, $0.54

Support levels: $0.41, $0.38, $0.25

 ADA/USD Long-term Trend: Bearish

Cardano is bearish on the daily chart. The currency pair continue its trading within the descending channel formed on the daily chart which is an indication of bearish signal. Cardano tested the support level of $0.50. The price bounces off the level when it could not break it up. The support level of $0.47 has been broken downside. At the moment, the price is facing the support level of $0.41.

ADA retains trading below the two dynamic resistance levels of 9 periods EMA and 21 periods EMA at distance indicating bearish momentum. In case the buyers interrupt the sellers, and the daily candle close above $0.47 level, Cardano may increase to $0.50 and $0.54 levels. Should sellers exert more pressure, ADA may decrease to break down $0.41, the next support levels can be found at $0.38, and $0.25 levels. The technical indicator Relative Strength Index is at 42 levels with the signal line pointing downside which indicates a bearish signal.

ADA/USD Medium-term Trend: Bearish

Cardano is bearish on 4-hour chart. Sellers opposed the bullish movement when the Crypto was heading towards the resistance level of $0.50. Strong sellers’ pressure is noticed on the 4-hour chart with the formation of big bearish candle which decline the price below $0.47 support level. Cardano price may reduce to $0.41 level.

The 9 periods EMA crossed the 21 periods EMA downside indicating that bears are dominating Cardano market. The relative strength index period 14 is pointing downside at 37 levels indicating 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.