Cardano Price Is Struggling to Break Down $0.34 Support Level

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Sellers’ momentum may increase

ADA Price Analysis – 16 May

In case buyers are able to hold the $0.35 support level, Cardano may move past the $0.38, $0.40, and $0.41 levels. If the $0.35 support level is broken lower, the $0.33 and $0.31 levels will be tested next.

ADA/USD Market

Key Levels:

Resistance levels: $0.38, $0.40, $0.41

Support levels: $0.34, $0.33, $0.31

ADA/USD Long-term Trend: Bearish

Cardano is bearish on the Long-term outlook. On April 15, the bulls were successful in driving the price of the cryptocurrency up to a critical resistance mark of $0.46. Sellers were able to effectively defend the prior level with the help of a bearish engulfing candle. As stronger daily bearish candles kept emerging, the price fell. $0.41, $0.40, and $0.38, which were once support levels, are now resistance levels. Following the last two week’s breach of the $0.38 support level, the price is currently trying to go below $0.34.

The 9-period EMA and the 21-period EMA are being traded below by Cardano. The two EMAs, or exponential moving averages, support this. In case buyers are able to hold the $0.35 support level, the price may move past the $0.38, $0.40, and $0.41 levels. If the $0.35 support level is broken lower, the $0.33 and $0.31 levels will be tested next. Customers might, however, get more eager. At a level of 42, the Relative Strength Index period 14 signal line is pointing downward and represents a sell signal.

ADA/USD Medium-term Trend: Bearish

Cardano is trending downward on the 4-hour chart. A few weeks ago, the market rose when the bulls’ momentum overpowered the bears’, moving from the support level at the low of $0.34 to the resistance level of $0.46. The vendors stopped raising prices as soon as the morning star candle pattern appeared. As it begins to move downward, the price is aiming to surpass the $0.35 support level.

The price of Cardano has broken below both the 9-period and 21-period exponential moving averages, generating a sell signal. The relative strength index period 14 with its signal line at 49 is pointing upward and carries a buy signal that could be a pullback.

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