Cardano Price: Can It Decrease Further?

Updated:

ADA Price Analysis – August 30

Ability to break up the $0.47 level by the bulls may lead to an increase in price to resistance levels at $0.54 and $0.69 levels. The technical indicator relative strength index period 14 is at 43 levels with the signal line pointing upside which indicates a buy signal.

ADA/USD Market

Key Levels:

Resistance levels: $0.47, $0.54, $0.69

Support levels: $0.41, $0.30, $0.22

ADA/USD Long-term Trend: Bearish

On the daily chart, Cardano is on the bearish movement. A bearish significant movement was made in the Cardano market last two weeks from the high of $0.58 resistance level. When the price reached the just mentioned level, bulls lost momentum, a bearish engulfing candle pattern was produced which led to the fallen of Cardano price. It has retested the previous low at $0.41 level last week and the bulls are trying to oppose further price reduction.

Cardano is trading below the 9 periods EMA and 21 periods EMA. In case the sellers exert more pressure on the market, the support level of $0.41 will be penetrated and the support levels of $0.30 and $0.22 may be reached. Ability to break up the $0.47 level by the bulls may lead to an increase in price to resistance levels at $0.54 and $0.69 levels. The technical indicator relative strength index period 14 is at 43 levels with the signal line pointing upside which indicates a buy signal.

ADA/USD Medium-term Trend: Ranging

Cardano is on the ranging movement on 4-hour chart. The Coin is range-bound within $0.47 and $0.41 levels for more than a week. Cardano price pulled back to retest the broken level of $0.47 when the support level of $0.41 was reached on August 20. The price reverses and increases toward the resistance level of $0.47. At the moment, the price is trading within $0.47 and $0.41 levels.

As a sign of bullish market, the crypto is trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 54 levels and the signal line pointing up to indicate buy 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.