Cardano Price: Further Price Reduction Envisaged

Sellers’ pressure increase

ADA Price Analysis – 25 July

 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

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 has a negative outlook over the long run. The sellers intensified their efforts to push the ADA price down when it encountered resistance at $0.37. A pin bar and strong daily bearish candles that followed indicated that the level had been reached when the bullish impulse had failed. In the end, today’s price attempted to test the $0.29 low support level. Early last week, there was a bullish movement. The price eventually fell to test the $0.23 low from December, proving the sellers’ success. The price is currently trying to reach the $0.29 level.

Cardano is positioning itself for a bearish reversal by trading slightly below 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.

Cardano is on a downward trend, according to the 4-hour chart. In the previous two weeks, the price movement resulted in a double-bottom chart pattern. On July 14, the price reached the barrier level of $0.37 due to the positive turnaround trend, but sellers are preventing further gains. The market fell by breaching the $0.33 and $0.31 support levels on the downside. Currently, bears are increasing their pressure.

Since the price of Cardano is currently trading below both the 9-period and 21-period exponential moving averages, a negative signal has been generated. The relative strength index period 14 is dropping with its signal line at level 39 due to a sell signal.

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