Should the sellers exert more pressure on the market, the support level of $0.75 will be penetrated and the support levels of $0.56 and $0.42 may be reached. Inability to break down the $0.75 by the bears may lead to an increase in price to resistance levels at $1.01, $1.26 and $1.61.
ADA/USD Market
Key Levels:
Resistance levels: $1.01, $1.26, $1.61
Support levels: $0.75, $0.56, $0.42
ADA/USD Long-term Trend: Bearish
Cardano is bearish on daily chart. The bulls dominated Cardano market three weeks ago when the price tested the support level of $0.75. The bullish momentum increased the price to $1.26 price level. The increase was interrupted with the formation of bearish engulfing candle which indicate the sellers’ pressure. Cardano price resumed bearish movement and face $0.75 support level after it penetrated the support level of $1.01.
Cardano has broken down the dynamic support levels and it is trading below the 9 periods EMA and 21 periods EMA. Should the sellers exert more pressure on the market, the support level of $0.75 will be penetrated and the support levels of $0.56 and $0.42 may be reached. Inability to break down the $0.75 by the bears may lead to an increase in price to resistance levels at $1.01, $1.26 and $1.61. The technical indicator relative Strength Index period 14 is at 38 levels with the signal line pointing downside which indicates a bearish signal.
ADA/USD Medium-term Trend: Bearish
Cardano is on the bearish movement on 4-hour chart. On March 14, Cardano price pulled back to retest the broken level of $1.01. The bullish momentum could push the price up to the resistance level of $1.26. The level was defended by the bears with the formation of strong bearish engulfing candle. The price reverses and decrease toward the previous low support level of $0.75.
At the moment, Cardano price is trading below the 9 periods EMA and 21 periods EMA while the fast EMA has crossed the slow EMA downside. The relative strength index period 14 is at 48 levels and the signal line pointing up to indicate buy signal.
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