Cardano Price Is Repelling From $0.40 Level

sellers are dominating Cardano market

 ADA Price Analysis – 14 November

Cardano may drop as low as $0.34 or $0.31 if sellers are successful in keeping it below the $0.35 support level. In the event that the $0.37 barrier is breached, the resistance levels at $0.40 and $0.41 will be examined

Key Levels:

Resistance levels: $0.37, $0.40, $0.41

Support levels: $0.35, $0.34, $0.31

ADA/USD Long-term Trend: Bullish

Cardano’s daily chart has been bullish. A bullish reversal chart pattern is evident at the $0.26 support level. The market started to trend positively. The $0.34 and $0.35 resistance levels have become a support level. A bullish daily candle appeared few weeks ago, and the price tested $0.37. Currently, the coin is going through a price retracement and retesting $0.35 support level.

By trading between the exponential moving averages of nine and twenty-one, Cardano is exhibiting indications of a pulling back. The price may drop as low as $0.34 or $0.31 if sellers are successful in keeping it below the $0.35 support level. In the event that the $0.37 barrier is breached, the resistance levels at $0.40 and $0.41 will be examined.

ADA/USD Medium-term Trend: Bearish

The 4-hour chart for Cardano shows a negative trend. A double-top-like chart pattern appeared on the 4-hour chart close to the $0.40 resistance level. In the fictitious case last week, the sellers refused to comply with the purchasers’ demand for a price increase. Now that the $0.35 barrier has been retested, sellers are in control of the market. The support level of $0.35 may be penetrated downside.

The fact that Cardano’s price is currently trading below both the 9- and 21-period exponential moving averages is a negative indicator. The current fall in the relative strength index period 14 may indicate a bearish movement, as it can be attributed to a selling signal with a signal line at level 41 and it may be a bearish reversal.

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