Cardano Price Experiences a Bearish Breakout at $1.87 Level 

Updated:

ADA Price Analysis – November 23

In case the sellers increase their pressure, the support level of $1.64 may be broken downside and the price will be expose to the support level of $1.46 and $1.32. When the support level of $1.64 is defended by the bulls, price may reverse and increase towards the resistance level of $1.87, $2.30 and $2.68.

ADA/USD Market

Key Levels:

Resistance levels: $1.87, $2.30, $2.68

Support levels: $1.64, $1.46, $1.32

ADA/USD Long-term Trend: Bearish

Cardano is bearish in the long term outlook. The bears has not let the coin go; an increase in the sellers’ momentum leads to further decrease in the Cardano price. On November 18, the coin tested the support level of $1.64 and pulled back to retest the $1.87 level. The dynamic resistance level opposed an increase in price. Bearish engulfing candle formed and the price decline further towards the support level of $1.64.

ADAUSD daily chart, November 23

The price is trading below the two EMAs at the moment, with the 9 periods EMA crossed the 21 periods EMA indicating a bearish market. Cardano market experience a bearish breakout. In case the sellers increase their pressure, the support level of $1.64 may be broken downside and the price will be expose to the support level of $1.46 and $1.32. When the support level of $1.64 is defended by the bulls, price may reverse and increase towards the resistance level of $1.87, $2.30 and $2.68.

ADA/USD Medium-term Trend: Bearish

Cardano is on the bearish movement in the 4-hour chart. The cryptocurrency was on the ranging mode last week. Buyers tried to break up the resistance level of $2.30 but the mentioned level holds and the price returned to the ranging zone. On November 17, sellers gain more pressure and breaks down the support level of $1.87. There is tendency for the price to decline further should the sellers increase their pressure.

Cardano 4-hour chart, November 23

ADA price is trading below the two EMAs as 9 periods EMA crossed below the 21 periods EMA. The Relative Strength Index period 14 is at 40 levels displaying strong bearish 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.