Cardano Price: Bears’ Pressure Increase, $1.87 May Be Penetrated

12 October 2021 | Updated: 12 October 2021

ADA Price Analysis – October 12

In case the support level of $1.87 is retested, it may be penetrated, and expose the price to $1.64 and $1.46. In case the bulls’ momentum becomes stronger and the resistance level of $2.30 is penetrated, then, $2.68 and $3.0 may be tested.

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. Sellers have been in control of the crypto market for more than three weeks. Meanwhile, the buyers were opposing the sellers; the scenario leads to ranging market.  The price declined and turned the former support levels of $2.68 and $2.30 to resistance. The price is ranging within the $2.30 and $1.87 price levels.

ADAUSD Daily chart, October 12

The 9 periods EMA is crossing the 21 periods EMA while the price is trading below the two EMAs. Today, the coin starts the Cardano market with a daily bearish candle below the $2.30 price. Further decrease in the price of Cardano is envisaged. In case the support level of $1.87 is retested, it may be penetrated, and expose the price to $1.64 and $1.46. In case the bulls’ momentum becomes stronger and the resistance level of $2.30 is penetrated, then, $2.68 and $3.0 may be tested.

ADA/USD Medium-term Trend: Bearish

Cardano was bullish in the 4-hour chart last week. The price broke up the resistance level of $2.30 and it was heading towards the resistance level of $2.68 before it was interrupted by the bears. On September 21, the sellers opposed the bullish movement. The price reversed below the support level of $2.30 trending down towards $1.87 level.

ADAUSD 4-hour chart, October 12

The 9 periods EMA has crossed below the 21 periods EMA and ADA price is trading below the two EMAs. The Relative Strength Index period 14 is at 20 levels pointing down to indicate a 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.