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Sellers’ pressure may increase further on ADA market
ADA Price Analysis – 22 August
The price may fall to the $0.23 and $0.22 levels if sellers are successful in holding the price below the $0.24 support level. If the $0.26 resistance level is broken, the $0.29 and $0.31 resistance levels will be put to the test
Key Levels:
Resistance levels: $0.26, $0.29, $0.31
Support levels: $0.24, $0.23, $0.22
ADA/USD Long-term Trend: Bearish
Cardano has a pessimistic long-term prognosis. On July 13, there was a positive surge, and the price increased to $0.37. The sellers intensified their efforts to push the ADA price down when it encountered resistance at $0.37. A pin bar and strong daily bearish candles that followed indicated that the level had been reached when the bullish impulse had failed. Cardano again challenged and breached the low support level of $0.29. The coin’s price dropped to the previous low of $0.23 level at the moment.
Cardano is already in a bearish trend as it is currently trading just below both the 9- and 21-period exponential moving averages. The price may fall to the $0.23 and $0.22 levels if sellers are successful in holding the price below the $0.24 support level. If the $0.26 resistance level is broken, the $0.29 and $0.31 resistance levels will be put to the test.
ADA/USD Medium-term Trend: Bearish
Cardano is on a downward trend, based on the 4-hour chart. For the past three weeks, the price trend has been downward. On July 14, the price surpassed the $0.31 threshold, but purchasers are preventing further increases. The negative support levels of $0.29 were broken as the market fell. Despite increased negative pressure, buyers were unable to defend the $0.29 support level. The $0.26 level was breached and the price tested $0.24 level.
Since the price of Cardano is currently trading below both the 9-period and 21-period exponential moving averages, a negative signal has been generated. The relative strength index period 14 is falling as a result of a sale signal, and its signal line is at level 38.
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