Cardano Price Is Heading Towards Previous Low at $0.42

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ADA Price Analysis – July 26

Ability to break down the $0.42 level by the bears may lead to decrease in price to support levels at $0.42, $0.30 and $0.22 levels. In case the buyers exert more pressure on the market, the resistance level of $0.54 will be penetrated and the resistance levels of $0.69 and $0.90 may be reached

ADA/USD Market

Key Levels:

Resistance levels: $0.54, $0.69, $0.90

Support levels: $0.42, $0.30, $0.22

ADA/USD Long-term Trend: Ranging

Cardano is on the ranging movement on the daily chart. Buyers are yet to break up the resistance level of $0.54 due to low momentum. In the same manner, Sellers’ momentum remains weak to break down the support level of $0.42. Movement within the $0.54 and $0.42 levels continues in the Cardano market. Untill there is a breakout ranging movement within the mentioned levels continues in the Cardano market.

Cardano is trading between the 9 periods EMA and 21 periods EMA. Ability to break down the $0.42 level by the bears may lead to decrease in price to support levels at $0.42, $0.30 and $0.22 levels. In case the buyers exert more pressure on the market, the resistance level of $0.54 will be penetrated and the resistance levels of $0.69 and $0.90 may be reached. The technical indicator relative Strength Index period 14 is at 47 levels with the signal line pointing downside which indicates a bearish signal.

ADA/USD Medium-term Trend: Ranging

On 4-hour chart, Cardano is on the ranging movement. The Crypto remains range-bound within the mentioned levels below. The resistance level of $0.54 holds the price and the support level of $0.42 remains strong against the price. The momentum of sellers is increasing at the moment and buyers’ pressure remain low in the Cardano market. Cardano price may reach previous low at $0.42 level.

The crypto is trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 38 levels and the signal line pointing down to indicate 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.