Sellers may exert more pressure on ADA market
ADA Price Analysis – 15 August
In case sellers are successful in keeping the price below the $0.26 support level, Cardano may drop toward the $0.24 and $0.22 levels. The $0.31 and $0.33 resistance levels will be tested if the $0.29 resistance level is breached.
Key Levels:
Resistance levels: $0.29, $0.31, $0.33
Support levels: $0.26, $0.24, $0.22
ADA/USD Long-term Trend: Bearish
Cardano has a negative outlook over the long run. There was a bullish movement on 13 July and the price rose to $0.31. When the ADA price hit resistance at $0.31, the sellers stepped up their efforts to drive it lower. The level had been hit when the bullish impulse had failed, according to a pin bar and powerful daily bearish candles that followed. The low support level of $0.29 was tested and broken down once more by the price. The price of the coin is now facing $0.26 support level.
By trading just below both the 9- and 21-period exponential moving averages, Cardano is already on a downward trend. In case sellers are successful in keeping the price below the $0.26 support level, the price may drop toward the $0.24 and $0.22 levels. The $0.31 and $0.33 resistance levels will be tested if the $0.29 resistance level is breached.
ADA/USD Medium-term Trend: Bearish
Cardano is on a downward trend, based on the 4-hour chart. The price trend has been bearish for three weeks. The price breached the $0.31 barrier on July 14, but buyers are limiting any advances. The market dropped, breaking through the $0.29 negative support level. Buyers were unable to defend the $0.29 support level in the face of intensified bearish pressure. The price is approaching the $0.26 mark.
A negative signal has been created since the price of Cardano is currently trading below both the 9-period and 21-period exponential moving averages. Due to a sale signal, the relative strength index period 14 is declining, and its signal line is at level 41.
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