Cardano Price May Break Down $0.98 Support Level

Cardano Price May Break Down $0.98 Support Level

ADA Price Analysis – March 15

Should the sellers gain enough momentum and the daily candle closes below $0.98 level, ADA/USD may decrease to $0.83 which may extend to $0.73 level. In case the sellers were unable to penetrate the $0.98 level, then, price increase towards the resistance level at $1.11, $1.23 and $1.46 is envisaged.

ADA/USD Market

Key Levels:

Resistance levels: $1.11, $1.23, $1.46

Support levels: $0.98, $0.83, $0.73

ADA/USD Long-term Trend: Bearish

ADA/USD is bearish on the daily chart outlook. The coin reached the high of $1.46 on February 27. The mentioned level holds and the bullish momentum became weak, unable to break up resistance level of $1.46. The bears took over the market at the same level with the formation of Doji candle. The coin is exhibiting a range-bound movement within $0.9 and $1.2 price level at the moment.

ADAUSD Daily chart, March 15

The coin is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish pressure. The relative strength index period 14 is bending down at 40 levels to indicate sell signal. Should the sellers gain enough momentum and the daily candle closes below $0.98 level, ADA/USD may decrease to $0.83 which may extend to $0.73 level. In case the sellers were unable to penetrate the $0.98 level, then, price increase towards the resistance level at $1.11, $1.23 and $1.46 is envisaged.

ADA/USD Medium-term Trend: Bearish

Cardano is bearish on 4-hour chart. ADAUSD started ranging movement within $1.11 and $1.23 last week. The bears have gained more pressure and the price is decreasing by breaking down the $1.11level. The price is heading towards $0.98 level at the moment. The breakdown of the $0.98 level will expose the $0.83 support level.

ADAUSD 4-hour chart, March 15

The two EMAs are fairly distance away from each other and the price is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish movement. The relative strength index period 14 is above 30 levels and the signal line bending towards south as a bearish signal.

 

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.