Cardano Price: Has Precious Coin Turned Bearish?

Azeez Mustapha


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Buyers may take over Cardano market again

ADA Price Analysis – 14 February

Cardano could fall to the $0.34, $0.33, and $0.31 support levels in case the sellers hold the $0.37 resistance level,  Once the resistance level of $0.37 is broken upside, buyers might become more enthused, then, $0.38 and $0.44 may be tested.

ADA/USD Market

Key Levels:

Resistance levels: $0.37, $0.38, $0.44

Support levels: $0.34, $0.33, $0.31

ADA/USD Long-term Trend: Bearish

Cardano is bearish on the Long-term outlook. On December 29, $0.23 served as a level of support for the coin’s price. Sellers lost impetus and were unable to lower the price below $0.23. Large bullish candles were created by active buyers. Prior resistance levels of $0.33, $0.34, and $0.37 were surpassed by the price increase. Bulls successfully push the price up to test the $0.41 resistance level. The price bounced off the $0.41 resistance level and tested $0.34 and is currently under the buyers’ power.

Cardano is decreasing along the direction of the two EMAs, the 9-period EMA is crossing the 21-period EMA and the coin is trading below the two dynamic support levels, indicating that sellers’ enthusiasm is high. In case the sellers hold the $0.37 resistance level, the price could fall to the $0.34, $0.33, and $0.31 support levels. Once the resistance level of $0.37 is broken upside, buyers might become more enthused, then, $0.38 and $0.44 may be tested. The Relative Strength Index period 14’s signal line is pointing up at a level of 55, indicating a buy signal.

ADA/USD Medium-term Trend: Bullish

Cardano is moving in a bullish direction on the 4-hour chart. Due to strong buyer interest last week, the resistance levels of $0.33 and $0.34 were broken to the upside, and the price tested the level of $0.41. The price pulled back to retest the support level of $0.35. At the moment, bulls are returning in to the market moving away from the previously mentioned support level. The Cardano market may still be dominated by buyers this week.

The price of Cardano is trading above both the 9-period and 21-period EMAs, with the fast EMA crossing the slow EMA as an indication of bullish movement. The relative Strength Index Period 14 is at 62 levels, the signal line displaying a bullish direction.

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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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