Sellers may take over Cardano market soon
ADA Price Analysis – 07 February
Cardano may drop to the $0.37, $0.34, and $0.33 support levels if the sellers defend the $0.40 resistance level. Buyers might grow more enthusiastic if the price moves up above $0.41, and $0.44 once the $0.40 resistance level is broken.
ADA/USD Market
Key Levels:
Resistance levels: $0.40, $0.41, $0.44
Support levels: $0.37, $0.34, $0.33
ADA/USD Long-term Trend: Bullish
Cardano is bullish on the Long-term outlook. The price of the coin found support at $0.23 on December 29. The sellers were unable to reduce the price below $0.23 after losing momentum. Active purchasers generated large bullish candles. The rising price overcame the prior resistance levels of $0.33, $0.34, and $0.37. Bulls successfully drive the price upward to challenge the $0.41 barrier level. The $0.41 resistance level is currently being bounced off by the price.
Cardano is increasing along the direction of the 9-period EMA and 21-period EMA and is trading above the two dynamic support levels, which shows that buyers’ enthusiasm is high. The price may drop to the $0.37, $0.34, and $0.33 support levels if the sellers defend the $0.40 resistance level. Buyers might grow more enthusiastic if the price moves up above $0.41, $0.44 once the $0.40 resistance level is broken. Buy signal is indicated by the Relative Strength Index period 14 with the signal line pointing up at a level of 59.
ADA/USD Medium-term Trend: Bearish
Cardano is moving in a bearish direction on the 4-hour chart. Last week, the price tested the resistance level of $0.41 as a result of increased buyer pressure, which caused the resistance levels of $0.33 and $0.34 to be broken upside. The price is currently retreating from the level just specified. This week, sellers might still rule the Cardano market.
The price of Cardano is trading below both the 9-period and 21-period EMAs, with the fast EMA crossed the slow EMA as an indication of bearish movement. The relative Strength Index Period 14 is at 46 levels, the signal line displaying bearish direction.
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