Cardano Price Experiences a Bearish Reversal at $0.46 Level

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.

You can purchase Lucky Block here. Buy LBLOCK