Cardano Price: Bearish Pressure Increases, Breakout Envisaged at $1.87 Level

16 November 2021 | Updated: 16 November 2021

ADA Price Analysis – November 16

In case the bears successfully break down the support level of $1.87 and the daily candle close below it, then the support level of $1.64 and $1.46 may be tested. When the support level of $1.87 holds, price may break out at the resistance level of $2.30 and face the resistance levels of $2.30 and $3.0.

ADA/USD Market

Key Levels:

Resistance levels: $2.30, $2.68, $3.0

Support levels: $1.87, $1.64, $1.46

ADA/USD Long-term Trend: Bearish

Cardano is bearish in the long term outlook. The coin continuing experience low volatility and the price ranging within $2.30 and $1.87 levels. The momentum of bulls increased to break up the resistance level of $2.30 but the bears defended the mentioned level with the formation of big daily bearish candle. At the moment, sellers are exerting more pressure on the support level of $1.87, bearish breakout envisaged.

ADAUSD Daily chart, November 16

At the moment, the price is trading below the two EMAs with the 9 periods EMA trying to cross the 21 periods EMA to establish a bearish market. Cardano market is awaiting a breakout. In case the bears successfully break down the support level of $1.87 and the daily candle close below it, then the support level of $1.64 and $1.46 may be tested. When the support level of $1.87 holds, price may break out at the resistance level of $2.30 and face the resistance levels of $2.30 and $3.0.

ADA/USD Medium-term Trend: Ranging

Cardano is on the ranging movement in the 4-hour chart. Buyers tried to break up the resistance level of $2.30 on November 09 but the mentioned level holds and the price returned to the ranging zone. Today, the sellers gain more pressure and it breaks down the support level of $1.87. Should the sellers sustain the breakout, then, the price may decrease further.

Cardano 4-hour chart, November 16

ADA price is trading below the two EMAs as 9 periods EMA crossed below the 21 periods EMA. The Relative Strength Index period 14 is at 20 levels displaying strong bearish 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.