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Buyers oppose sellers in Cardano market
ADA Price Analysis – October 04
When the buyers gain more pressure, and the daily candle close above $0.46 level, Cardano may increase to $0.48 and $0.50 levels. Should sellers exert more pressure, ADA may decrease to break down $0.42, then, it may further reduce to support levels at $0.41, and $0.38 levels.
Resistance levels: $0.46, $0.48, $0.50
Support levels: $0.42, $0.41, $0.38
ADA/USD Long-term Trend: Bearish
On the daily chart, Cardano is bearish. Last week, sellers’ pressure increases and the support level of $0.48 and $0.46 is penetrated downside. The price continues trading within the descending channel rmed on the daily chart as an evidence of bearish signal. Cardano price is reduced to the support level of $0.42. The bulls’ pressure is increasing at the moment.
The price is trading below the two dynamic resistance levels of 9 periods EMA and 21 periods EMA at at close contact indicating an increase in bullish momentum. When the buyers gain more pressure, and the daily candle close above $0.46 level, Cardano may increase to $0.48 and $0.50 levels. Should sellers exert more pressure, ADA may decrease to break down $0.42, then, it may further reduce to support levels at $0.41, and $0.38 levels. The technical indicator Relative Strength Index is at 43 levels with the signal line pointing upside which indicates a bullish signal.
ADA/USD Medium-term Trend: Bullish
Cardano is bullish on 4-hour chart. The Crypto was on the downtrend for more than a month. The price is trading within the descending channel. The support level of $0.42 is tested on October 02. At the moment, it seems the sellers’ momentum is getting weak and the bulls are gathering momentum to take over the market.
The 9 periods EMA is crossing the 21 periods EMA upside indicating that bulls are dominating Cardano market. The relative strength index period 14 is pointing upside at 55 levels indicating buy signal.
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