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.

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.

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.

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