Bulls defends $0.23 support level
ADA Price Analysis – 12 September
In case sellers are successful in keeping the price below the $0.23 support level, Cardano may drop to the $0.22 and $0.21 levels. The $0.26 and $0.28 resistance levels will be tested if the $0.24 resistance level is breached
Key Levels:
Resistance levels: $0.24, $0.26, $0.28
Support levels: $0.23, $0.22, $0.21
ADA/USD Long-term Trend: Bearish
Cardano’s outlook on the daily chart is bearish. The price increased significantly on July 13 and rose to $0.37. The sellers stepped up their efforts to drive down the ADA price as soon as it met resistance at $0.37. The level had been hit when the bullish impulse had failed, according to a pin bar and powerful daily bearish candles that followed. Once more, the low support level of $0.26 had to be overcome in order for the price to move downward. The exchange rate is now ranging below $0.24 level.
Given that Cardano is trading below both the 9- and 21-period exponential moving averages, Cardano is now in a bearish trend. If sellers are successful in keeping the price below the $0.23 support level, the price may drop to the $0.22 and $0.21 levels. The $0.26 and $0.28 resistance levels will be tested if the $0.24 resistance level is breached.
ADA/USD Medium-term Trend: Bullish
According to the 4-hour chart, Cardano is in a negative trend. There has been a tendency in the pricing downward during the previous four weeks. The price hit $0.31 on July 14, but purchasers are halting future increases. The market fell, breaking the $0.29 negative support levels. Buyers were unable to protect the $0.29 support level in the face of heightened negative pressure. After crossing the $0.26 threshold, the price put up a fight against $0.24 and currently bouncing up above $0.24 level.
A positive signal has been created since the price of Cardano is currently trading above both the 9-period and 21-period exponential moving averages. A buy signal with a signal line at level 50 is causing the relative strength index period 14 to incline.
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