Cardano Price Exposes to $1.11 Support Level

Cardano Price Exposes to $1.11 Support Level

ADA Price Analysis – July 13

When the sellers increase their momentum to push down price to $1.11, the support level of $0.98 and $0.83 may be tested. In case the Support level of $1.11 holds, the buyers may push up the price towards $1.31, $1.46 and $1.64 levels.

ADA/USD Market

Key Levels:

Resistance levels: $1.31, $1.46, $1.64

Support levels: $1.11, $0.98, $0.83

ADA/USD Long-term Trend: Bearish

Cardano is bearish on daily chart. Buyers and sellers are struggling over the crypto. The sellers are trying to overpower the buyers. Former support level of $1.31 has been penetrated downside by the sellers and the price exposes to $1.11 support level. There is tendency for the price to decline further if the sellers maintain their pressure.

ADAUSD daily chart, July 13

Cardano has crossed the two EMAs downside, currently trading below the 9 periods EMA and 21 periods EMA to establish a bearish trend. When the sellers increase their momentum to push down price to $1.11, the support level of $0.98 and $0.83 may be tested. In case the Support level of $1.11 holds, the buyers may push up the price towards $1.31, $1.46 and $1.64 levels. The relative Strength Index period 14 is at 40 levels with the signal line pointing downside which indicates sell signal.

ADA/USD Medium-term Trend: Bearish

Cardano is on the bearish movement on 4-hour chart. The bullish movement could not continue when the buyers pushed up Cardano to test the resistance level at $1.46. The bears reacted against the price increase with the formation of bearish engulfing candle. The price started decreasing and the support level of $1.31 is broken downside. Further price decrease envisaged as the price is below the two dynamic resistance levels.

ADAUSD 4 hour chart, July 13

The price is trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 35 levels and the signal line pointing down to indicate sell signal.

You can purchase crypto coins here.  Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.