Cardano Price Is Targeting Previous Low at $0.33 support Level

Bears’ momentum increases

ADA Price Analysis – 09 May

Price may rise past the $0.38, $0.40, and $0.41 levels if buyers are successful in holding the $0.35 support level. The $0.33 and $0.31 levels will be tested next if the $0.35 support level is broken lower.

ADA/USD Market

Key Levels:

Resistance levels: $0.38, $0.40, $0.41

Support levels: $0.35, $0.33, $0.31

ADA/USD Long-term Trend: Bearish

Cardano is bearish on the Long-term outlook. The bulls were successful in pushing the cryptocurrency to a significant resistance level at $0.46 on April 15. The previously mentioned level was successfully defended by sellers with the formation of a bearish engulfing candle. The price dropped as stronger daily bearish candles kept forming. Former support levels of $0.41,$0.40, and $0.38 are now resistance levels. After last week’s violation of the $0.38 support level, the price is now attempting to decline under $0.35.

Cardano is trading below the 9-period EMA and the 21-period EMA. This is supported by the two exponential moving averages (EMAs). Price may rise past the $0.38, $0.40, and $0.41 levels if buyers are successful in holding the $0.35 support level. The $0.33 and $0.31 levels will be tested next if the $0.35 support level is broken lower. However, customers can become more eager. The Relative Strength Index period 14 signal line is pointing downward at a level of 37, indicating a sell.

ADA/USD Medium-term Trend: Bearish

Cardano is trending downward on the 4-hour chart. When the bulls’ impetus overcame the bears’ a few weeks ago, the market soared, going from the support level at the low of $0.34 to the resistance level of $0.46. Once the morning star candle pattern formed, the vendors stopped raising prices. Price is attempting to break past the $0.35 support level as it starts to move lower.

A sell signal has been generated by the price of Cardano falling below both the 9-period and 21-period exponential moving averages. The upward-pointing, level 46 period 14 relative strength index signal line carries a purchase signal that may be a pullback.

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