Cardano Price May Continue a Bearish Trend In case $0.38 Level Is Broken Lower

Azeez Mustapha

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Sellers’ momentum increases

ADA Price Analysis – 02 May

 Should buyers be successful in holding the $0.38 support level, the price may increase past the $0.40, $0.41, and $0.44 levels. If the $0.38 support level is broken lower, the $0.35 and $0.33 levels will be tested next. Customers might, however, grow more eager.

ADA/USD Market

Key Levels:

Resistance levels: $0.40, $0.41, $0.44

Support levels: $0.38. $0.35, $0.33

 

ADA/USD Long-term Trend: Bearish

Cardano is bearish on the Long-term outlook. On April 15, the bulls were successful in driving the cryptocurrency to a key resistance level at $0.46. With the creation of a bearish engulfing candle, sellers successfully defended the previously indicated level. Stronger daily bearish candles continued to form, and the price fell. $0.44 and $0.41, which were once support levels, are now resistance levels. The support level of $0.40 was breached last week, and the price is now trying to fall below $0.38.

The 9-period EMA and the 21-period EMA are being traded below by Cardano. The two exponential moving averages (EMAs) support this. Should buyers are successful in holding the $0.38 support level, the price may increase past the $0.40, $0.41, and $0.44 levels. If the $0.38 support level is broken lower, the $0.35 and $0.33 levels will be tested next. Customers might, however, grow more eager. At a level of 47, the Relative Strength Index period 14 signal line is pointing downward, signaling a sell.

ADA/USD Medium-term Trend: Bearish.

On the 4-hour chart, Cardano is trending downward. The market jumped a few weeks ago as the bulls’ momentum surpassed the bears’, moving it from the support level at the low of $0.34 to the resistance level of $0.46. The vendors ceased raising prices once the morning star candle pattern appeared. As the price begins to trend lower, it is trying to break through the $0.38 resistance level.

Cardano’s price is currently below both the 9-period and 21-period exponential moving averages, which is a sell signal. The period 14 relative strength index signal line, which is pointing upward and is at level 46, has a buy signal which may be a pullback.

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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.

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