Cardano Price May Bounce Up at $0.75 Support Level

Updated:

ADA Price Analysis – May 03

In case the sellers exert more pressure on the market, the support level of $0.75 may be penetrated and the support levels of $0.56 and $0.42 will be reached. Failure to break down the $0.75 by the sellers may lead to an increase in price to resistance levels at $1.01, $1.26 and $1.61.

ADA/USD Market

Key Levels:

Resistance levels: $1.01, $1.26, $1.61

Support levels: $0.75, $0.56, $0.42

ADA/USD Long-term Trend: Bearish

Cardano is bearish on daily chart. There was no significant movement in the Cardano market last week. Bears are still holding unto the Cardano market. The price is currently testing the support level of $0.75 second time. The first testing was carried out on February 24, the bulls defended the mentioned level and the price increased to test the resistance level of $1.26. The just mentioned level holds and the price declines to retest the previous low.

Cardano is trading below the 9 periods EMA and 21 periods EMA after broken down the dynamic support levels. In case the sellers exert more pressure on the market, the support level of $0.75 may be penetrated and the support levels of $0.56 and $0.42 will be reached. Failure to break down the $0.75 by the sellers may lead to an increase in price to resistance levels at $1.01, $1.26 and $1.61. The technical indicator relative Strength Index period 14 is at 34 levels with the signal line pointing upside which indicates a ullish signal.

ADA/USD Medium-term Trend: Bearish

Cardano is on the bearish movement on 4-hour chart. When Cardano price pulled back to retest the broken level of $1.01, the level could not hold the price, it increased to test the $1.26 resistance level. Bears defended $1.26 and the price decline to retest the previous low at $0.75.

At the moment, Cardano price is trading below the 9 periods EMA and 21 periods EMA while the fast EMA has crossed the slow EMA downside. The relative strength index period 14 is at 46 levels and the signal line pointing up to indicate buy 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.