ADA Price Analysis – September 28
A decrease in the price of Cardano is envisaged; the support level of $1.87 may be retested, penetrated, and expose the price to $1.64 and $1.46. In case the bearish momentum becomes weak at the $1.87 price level, consolidation may commence.
ADA/USD Market
Key Levels:
Resistance levels: $2.30, $2.68, $3.0
Support levels: $1.87, $1.64, $1.46
ADA/USD Long-term Trend: Bearish
Cardano is bearish in the long term outlook. The crypto was under the sellers’ pressure for the last two weeks. The pressure of the bears was able to push down the price to break down the barrier at $2.68 and the price reached the support zone at $2.30. The just mentioned level could not hold and the bearish momentum extends to the support level of $1.87. The price pulled back and retest the $2.30 level. At the moment, it seems the bears are returning in to the Cardano market.
Today, the coin starts the Cardano market with a daily bearish candle below the $2.30 price. The 9 periods EMA is below the 21 periods EMA while the price is trading below the two EMAs. A decrease in the price of Cardano is envisaged; the support level of $1.87 may be retested, penetrated, and expose the price to $1.64 and $1.46. In case the bearish momentum becomes weak at the $1.87 price level, consolidation may commence. Nevertheless, the resistance levels above the current price level are $2.30, $2.68, and $3.0.
ADA/USD Medium-term Trend: Bullish
Last week, Cardano was bearish in the 4-hour chart. On September 23, the support level at $2.30 opposed the bearish movement. The price carried out a retracement towards the $2.68 level. Sellers gathered more pressure and breaks down $2.30 level, declined towards the support level of $1.87.
The 9 periods EMA has crossed below the 21 periods EMA and ADA price is trading below the two EMAs. The Relative Strength Index period 14 is at 40 levels pointing down to indicate a sell signal. The price may decrease further.
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