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Bulls may defend $0.24 support level
ADA Price Analysis – 05 September
Cardano may fall to the $0.23 and $0.22 levels if sellers are successful in holding the price below the $0.24 support level. If the $0.26 resistance level is broken, the $0.29 and $0.31 resistance levels will be put to the test
Key Levels:
Resistance levels: $0.26, $0.29, $0.31
Support levels: $0.24, $0.23, $0.22
ADA/USD Long-term Trend: Bearish
Cardano’s outlook on the future is dim. On July 13, there was a significant increase, and the price reached $0.37. As soon as the ADA price encountered resistance at $0.37, the sellers intensified their efforts to push it lower. A pin bar and strong daily bearish candles that followed indicated that the level had been reached when the bullish impulse had failed. Cardano was once more forced to push through and break the low support level of $0.26. The price of the currency is fluctuating right now between $0.26 and $0.24.
Cardano is currently in a downward trend as it is trading just below both the 9- and 21-period exponential moving averages. The price may fall to the $0.23 and $0.22 levels if sellers are successful in holding the price below the $0.24 support level. If the $0.26 resistance level is broken, the $0.29 and $0.31 resistance levels will be put to the test.
ADA/USD Medium-term Trend: Bearish
According to the 4-hour chart, Cardano is in a negative trend. For the past four weeks, there has been a downward pricing trend. On July 14, the price surpassed $0.31, but buyers are preventing further advances. The negative support levels of $0.29 were broken as the market crashed. Despite increased negative pressure, buyers were unable to defend the $0.29 support level. After passing the $0.26 barrier, the price made a challenge for $0.24.
Since the price of Cardano is currently trading below both the 9-period and 21-period exponential moving averages, a negative signal has been generated. The relative strength index period 14 is falling as a result of a sale signal, and its signal line is at level 51.
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