Cardano Price: Low Bullish and Bearish Pressure

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Bulls may prevail over Bears in Cardano market soon

ADA Price Analysis – 08 December

Should the buyers gain more momentum, the resistance level of $0.31 may be penetrated and the resistance levels of $0.33 and $0.35 may be reached. When the sellers gained more momentum to break down the $0.30 support level, this may lead to a decrease in cardano to support levels of $0.22, and $0.18.

ADA/USD Market

Key Levels:

Resistance levels: $0.31, $0.33, $0.35

Support levels: $0.30, $0.22, $0.18

ADA/USD Long-term Trend: Ranging

Cardano is ranging on the daily chart. The bulls were unable to break up the resistance level of $0.44 because the sellers defend the mentioned level with the formation of a Bearish engulfing candle pattern. The price started to fall, and when the price reached the low of $0.30 it bounced up to break up the resistance level of $0.31. It seems the bulls and the bears lose their momentum and the price commences a ranging movement within $0.31 and $0.30 levels.

Cardano is trading around the dynamic support levels and it is hovering over the 9-periods EMA and 21-periods EMA. Should the buyers gain more momentum, the resistance level of $0.31 may be penetrated and the resistance levels of $0.33 and $0.35 may be reached. When the sellers gained more momentum to break down the $0.30 support level, this may lead to a decrease in price to support levels of $0.22, and $0.18. The technical indicator Relative Strength Index period 14 is at 42 levels with the signal line pointing downside which indicates a bearish signal.

 

ADA/USD Medium-term Trend: Ranging

Cardano is on the ranging movement on the 4-hour chart. The ranging movement is ongoing in the Cardano market; the bulls could not push up the Cardano price due to low momentum. Likewise, the bears are unable to push down the price below $0.30 level.

At the moment, Cardano’s price is trading over and around the 9-periods EMA and 21-periods EMA while the fast EMA interlocked with the slow EMA. The relative strength index period 14 is at 42 levels and the signal line points down to indicate a sell signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.