Cardano Price: Bullish Reversal Envisaged at $0.24 level

Double bottom chart pattern in Cardano market

 ADA Price Analysis –10 October

 The price may drop to the $0.23 and $0.22 levels if sellers are successful in maintaining it below the $0.24 support level. If the $0.25 resistance level is broken, the $0.26 and $0.28 resistance levels will be put to the test.

Key Levels:

Resistance levels: $0.25, $0.26, $0.28

Support levels: $0.24, $0.23, $0.22

ADA/USD Long-term Trend: Bearish

The outlook for Cardano is poor on the daily chart. Last week, the cryptocurrency tried to start a bullish trend. The $0.26 resistance level was tested as the bulls’ momentum grew. On October 7, sellers and buyers clashed, resulting in the development of a bearish engulfing candle, which caused the price to fall and break through a $0.25 floor. Sellers exerted more effort to lower the price of ADA toward the current support level of $0.24.

 

Cardano is currently in a downtrend and is trading just below both the 9- and 21-period exponential moving averages. The price may drop to the $0.23 and $0.22 levels if sellers are successful in maintaining it below the $0.24 support level. If the $0.25 resistance level is broken, the $0.26 and $0.28 resistance levels will be put to the test.

ADA/USD Medium-term Trend: Bearish.

The 4-hour chart for Cardano shows a downward trend. At the $0.26 resistance level, a double-top chart pattern is forming. This hypothetical situation occurred last week when sellers resisted the bulls’ attempt to gain control of the market. Right now, sellers are in control of the market, and the $0.25 barrier has been crossed. It is moving in the direction of the $0.24 support level.

A bearish indication is created by the price of Cardano now trading below both the 9-period and 21-period exponential moving averages. A selling signal with a signal line at level 55 has caused the present decline in the relative strength index period 14.

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