Cardano Price Experiences a Bearish Reversal at $0.37 Level

Sellers’ momentum increase

ADA Price Analysis – 18 July

Cardano may decline toward the $0.26 and $0.24 levels if sellers are successful in holding the price below the $0.29 support level. If the $0.31 resistance level is broken, the $0.33 and $0.34 levels will be put to the test.

Key Levels:

Resistance levels: $0.31, $0.33, $0.34

Support levels: $0.29, $0.26, $0.24

ADA/USD Long-term Trend: Bearish

Cardano is pessimistic about the long term. When the Cardano price struck resistance at $0.37, the sellers increased the pressure they were applying to drive it lower. The level had been hit when the bullish impulse had failed, according to a pin bar and powerful daily bearish candles that followed. Eventually, the price tested the $0.29 low support level today. A bullish movement was seen early last week. In the end, the price dropped to test the $0.23 low from December, demonstrating the sellers’ success. The current price is aiming for the $0.26 level, which was the previous low.

Cardano is positioning itself for a bearish reversal by trading between both the 9- and 21-period exponential moving averages. Price may decline toward the $0.26 and $0.24 levels if sellers are successful in holding the price below the $0.29 support level. If the $0.31 resistance level is broken, the $0.33 and $0.34 levels will be put to the test.

ADA/USD Medium-term Trend: Bearish

According to the 4-hour chart, Cardano is in a downtrend. The price movement produced a double bottom chart pattern in the 4-hour time period last two weeks. The favorable reversal trend caused the price to keep rising to the resistance level of $0.37 on 14 July, but sellers are opposing the movement. The market declined by breaking the downside the $0.33 support level and $0.31. Bears are intensifying their pressure at the moment.

A bearish signal has been produced since the price of Cardano is currently trading below both the 9-period and 21-period exponential moving averages. The relative strength index period 14 has a sell signal and is falling with its signal line at 37 level.

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