Cardano Price: Can Bears’ Momentum Break Down $1.87 Support Level?

26 October 2021 | Updated: 26 October 2021

ADA Price Analysis – October 26

An increase in the momentum of the bulls will bring a breakout at $2.30 level which will increase the price to $2.68 and $3.0. In the same manner, an increase in the bears’ momentum will break down the support level of $1.87 which will decrease the price to $1.64 and $1.46 levels.

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: Ranging

Cardano is bearish in the long term outlook. Two weeks ago, the coin was under the control of the sellers. The price dropped from the resistance level of $3.0 and decline to the support level of $1.87 where the bulls opposed the bearish movement with the formation of strong bullish engulfing candle. The price increases to retest the resistance level of $2.30 but could not break it up. Then, the price commences a ranging movement within $2.30 and $1.87 levels.

ADAUSD Daily chart, October 26

The price is trading around the two EMAs with the 9 periods EMA closely placed beside the 21 periods EMA as an indication of ranging market. Breakout is iminent in the Cardano market. An increase in the momentum of the bulls will bring a breakout at $2.30 level which will increase the price to $2.68 and $3.0. In the same manner, an increase in the bears’ momentum will break down the support level of $1.87 which will decrease the price to $1.64 and $1.46 levels.

ADA/USD Medium-term Trend: Ranging

Cardano is on the ranging movement in the 4-hour chart. The price started a ranging movement within the resistance level of $2.30 and support level of $1.87 when bears lose their momentum at the support level of $1.87 and the bulls’ pressure is weak to break up the resistance level of $2.30.

ADAUSD 4-hour chart, September 26

The 9 periods EMA is interlocked with the 21 periods EMA and ADA price is hovering over the two EMAs. The Relative Strength Index period 14 is at 50 levels displaying no specific direction.

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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.