Cardano Price May Bounce Up at $0.34 Support Level

Buyers’ momentum may increase

ADA Price Analysis – 23 May

Cardano may surpass the $0.38, $0.40, and $0.41 levels if buyers are able to hold the $0.34 support level. The $0.33 and $0.31 levels will be tested next if the $0.35 support level is broken lower.

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. A crucial resistance level of $0.46 was reached by the price of the cryptocurrency on April 15 thanks to the bulls’ impressive ascent. The assistance of a bearish engulfing candle allowed sellers to defend the just-mentioned level successfully. The price decreased as more pronounced daily bearish candles continued appearing. Previously-used support levels of $0.41, $0.40, and $0.38 are now being met with resistance. The price is attempting to decline below $0.34 after breaking through the $0.38 support level during the past few weeks.

Cardano is trading below the 9-period EMA and the 21-period EMA. This is supported by the two EMAs or exponential moving averages. Price may surpass the $0.38, $0.40, and $0.41 levels if buyers are able to hold the $0.34 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 upward and indicates a buy signal at a level of 46.

ADA/USD Medium-term Trend: Bearish

Cardano is trending downward on the 4-hour chart. In a recent rally, the market moved from the support level at the low of $0.34 to the resistance level of $0.46 as the bulls’ impetus outweighed the bears’. The moment the morning star candle pattern appeared, the vendors stopped boosting prices. Price is seeking to surpass the $0.38 resistance level as it starts to trend upward.

 

The price of Cardano is trading above both the 9-period and 21-period exponential moving averages, generating a buy signal. The relative strength index period 14 with its signal line at 55 points upward and carries a buy signal.

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