Bullish momentum decreases in Cardano market
ADA Price Analysis – 31 January
When the sellers hold their position near the $0.37 resistance level, the price could fall to the $0.34, $0.33, and $0.31 support levels. If Cardano rises to $0.40 and $0.41 when the $0.37 resistance level is broken, buyers may become more enthused.
ADA/USD Market
Key Levels:
Resistance levels: $0.37, $0.40, $0.41
Support levels: $0.34, $0.33, $0.31
ADA/USD Long-term Trend: Bullish
Cardano is bullish on the Long-term outlook. Bulls successfully push up the price to test the resistance level of $0.37. On December 29, the cryptocurrency’s price found support at $0.23. After losing momentum, the sellers were unable to lower the price below $0.23. Large bullish candles were produced by active buyers. The previous resistance levels of $0.31, $0.33, and $0.34 were overcome by the advancing price. Currently, the price is bouncing off the $0.37 barrier level.
Cardano is trading between the two dynamic support levels, which is an indication that the purchasers’ momentum is reducing, and is advancing against the direction of the 9-period EMA and 21-period EMA. When the sellers hold their position near the $0.37 resistance level, the price could fall to the $0.34, $0.33, and $0.31 support levels. If the price rises to $0.40 and $0.41 when the $0.37 resistance level is broken, buyers may become more enthused. The Relative Strength Index period 14 with the signal line pointing at a level of 59 indicates a strong sell signal.
ADA/USD Medium-term Trend: Bearish
On the 4-hour chart, Cardano is moving in a bearish direction. The buyers’ pressure increased a few weeks ago, and the resistance levels of $0.33 and $0.34 were broken upside, the scenario led the price to test the resistance level of $0.37. The price is currently rebounding off the just-mentioned level. Sellers may continue to dominate the Cardano market this week.
The price of Cardano is trading below both the 9-period and 21-period EMAs, with the fast EMA crossing the slow EMA as an indication of bearish movement. The relative Strength Index Period 14 is at 44 levels, the signal line displaying a bearish direction.
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