Cardano Price Is Targeting $0.31 Support Level

Sellers are dominating Cardano market

ADA Price Analysis – 07 March

 When sellers are successful in holding the $0.34 resistance level, ADA could fall below $0.33, $0.31, and $0.29 levels. After the resistance level of $0.34 is broken upward, at which time $0.37 and $0.38 may be tested.

ADA/USD Market

Key Levels:

Resistance levels: $0.34, $0.37, $0.38

Support levels: $0.33, $0.31, $0.29

ADA/USD Long-term Trend: Bearish

Cardano is bearish on the Long-term outlook. Three weeks ago, buyers ruled the market. It incline and leveled off at $0.41. As a bearish engulfing candle forms, the sellers gain the upper hand over the buyers. The downside support levels of $0.41, $0.38, and $0.37 are penetrated by ADA as it declines. The $0.34 support level was tested, but the buyers resisted the action immediately. After 48 hours, the cryptocurrency was pushed down below the $0.34 support level. It is currently breaking down the $0.33 level.

Cardano is trading below the two dynamic support levels, falling in line with the two exponential moving averages (EMAs), and the 9-period EMA has crossed the 21-period EMA, all of which point to active sellers. When sellers are successful in holding the $0.34 resistance level, the price could fall below $0.33, $0.31, and $0.29 level. After the resistance level of $0.34 is broken upward, at which time $0.37 and $0.38 may be tested. However, sellers may grow more enthused. The Relative Strength Index period 14 signal line is heading lower at a level of 35, indicating a sell signal.

ADA/USD Medium-term Trend: Bearish

On the 4-hour chart, Cardano is moving in a bearish way. After surmounting the $0.38 and $0.37 resistance levels to the upside, the price tested the $0.41 resistance level three weeks ago. The market is falling below the $0.33 level as the momentum of the bears appears to be stronger than that of the bulls at the present.

The price of Cardano is trading below the 9-period and 21-period EMAs, with the two EMAs distant from each other. The relative Strength Index Period 14 is at 34 levels, the signal line displaying a bearish direction.

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