Cardano Price Experiences a Bearish Reversal at $0.46 Level

Azeez Mustapha


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Sellers’ momentum increases

ADA Price Analysis – 25 April

 Price may climb past the $0.40, $0.41, and $0.44 levels if buyers are able to hold the $0.38 support level. The $0.35 and $0.33 levels will be tested next if the $0.38 support level is broken lower. Though perhaps customers will become more eager.

ADA/USD Market

Key Levels:

Resistance levels: $0.40, $0.41, $0.44

Support levels: $0.38. $0.35, $0.33

ADA/USD Long-term Trend: Bearish

Cardano is bearish on the Long-term outlook. The bulls were able to push the Crypto to a significant resistance level at $0.46 on 15 April. Sellers defended the just mentioned level with the formation of a bearish engulfing candle. More strong daily bearish candles were produced and the price declined. Former support levels of $0.44, $0.41 turned to the resistance level. Last week, the support level of $0.40 was penetrated and the price is struggling to break down the $0.38 level.

Cardano is trading below the 9-period EMA and the 21-period EMA. According to the two exponential moving averages (EMAs). Price may climb past the $0.40, $0.41, and $0.44 levels if buyers are able to hold the $0.38 support level. The $0.35 and $0.33 levels will be tested next if the $0.38 support level is broken lower. Though perhaps customers will become more eager. The Relative Strength Index period 14 signal line is pointing downward at a level of 43, indicating a sell.

ADA/USD Medium-term Trend: Bearish

On the 4-hour chart, Cardano is trending downward. A few weeks ago, the market soared from the support level at the low of $0.34 to the resistance level of $0.46 as the bulls’ momentum outpaced the bears’. When the morning star candle pattern formed, the sellers stopped raising prices further. A downward trend starts, and the price is attempting to breach the $0.38 barrier.

The price of Cardano is currently trading below both the 9-period and 21-period exponential moving averages, indicating a sell signal. A sell signal can be seen on the period 14 relative strength index signal line, which is pointing down and is at level 36.

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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.

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