Cardano Price Is Heading Towards Previous Low at $0.41 Support Level

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ADA Price Analysis – September 27

Should the buyers interrupt the sellers, the bulls’ pressure may increase the price to break up $0.47, the next resistance levels can be found at $0.50, and $0.54 levels. In case the sellers exert more pressure, the daily candle may close below $0.41 support level, Cardano may decrease to $0.38 and $0.34 levels

ADA/USD Market

Key Levels:

Resistance levels: $0.47, $0.50, $0.54

Support levels: $0.41, $0.38, $0.34

ADA/USD Long-term Trend: Bearish

Cardano is bearish on the daily chart. The Coin bottomed at the support level of $0.41 on August 26. The crypto bounced up and commenced a bullish movement. The price action formed a descending channel in the Cardano market. This pattern indicate that the coin is on bearish trend. The former resistance level of $0.47 was broken upside and the resistance level of $0.50 was tested. Sellers interrupted the bullish movement with the formation of strong daily bearish candle. At the moment, ADA is facing the previous low at $0.41.

The price is trading below the two dynamic support levels of 9 periods EMA and 21 periods EMA at close which indicate a bearish momentum. Should the buyers interrupt the sellers, the bulls’ pressure may increase the price to break up $0.47, the next resistance levels can be found at $0.50, and $0.54 levels. In case the sellers exert more pressure, the daily candle may close below $0.41 level, Cardano may decrease to $0.38 and $0.34 levels. The technical indicator Relative Strength Index is at 42 levels with the signal line pointing downside which indicates a bearish signal.

ADA/USD Medium-term Trend: Bearish

Cardano is bearish on 4-hour chart. The coin bounce off from the upper trend line of descending channel formed in the 4-hour chart. The crypto is gradually heading towards the support level of $0.41. Strong sellers’ pressure on the 4-hour chart may place the price below $0.41 support level.

The 9 periods EMA is crossing the 21 periods EMA downside to indicate that bears are in control of Cardano market. The relative strength index period 14 is pointing downside at 47 levels indicating sell signal.

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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.