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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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