Cardano Price: Can It Decrease Further?

Updated:

ADA Price Analysis – July 12

In case the buyers exert more pressure on the market, the resistance level of $0.54 will be penetrated and the resistance levels of $0.69 and $0.90 may be reached. Ability to break down the $0.42 level by the bears may lead to decrease in price to support levels at $0.30 and $0.22 levels.

ADA/USD Market

Key Levels:

Resistance levels: $0.54, $0.69, $0.90

Support levels: $0.42, $0.30, $0.22

ADA/USD Long-term Trend: Ranging

On the daily chart, Cardano is on the ranging movement. Bulls are yet to gain momentum to break up the resistance level of $0.54. In the same way, bears’ momentum remains weak to break down the support level of $0.42. The ranging movement within the mentioned levels continue in the Cardano market. That is price is trading within the levels mentioned above.

Cardano is trading over and around the 9 periods EMA and 21 periods EMA. In case the buyers exert more pressure on the market, the resistance level of $0.54 will be penetrated and the resistance levels of $0.69 and $0.90 may be reached. Ability to break down the $0.42 level by the bears may lead to decrease in price to support levels at $0.30 and $0.22 levels. The technical indicator relative Strength Index period 14 is at 38 levels with the signal line pointing downside which indicates a bearish signal.

ADA/USD Medium-term Trend: Ranging

Cardano is on the ranging movement on 4-hour chart. The Coin is range-bound within $0.54 and $0.42 levels for more than two weeks. Cardano price pulled back to retest the broken level of $0.54 when the support level of $0.42 was reached on May 30. The price reverses and decreases toward the support level of $0.42. At the moment, the price is trading within $0.54 and $0.42 levels.

As a sign of ranging market, the crypto is trading over and around the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 56 levels and the signal line pointing down to indicate sell signal.

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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.