Cardano Price May Experience a Bullish Reversal at $0.34 Support Level

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Buyer’ pressure may increase in Cardano market

 ADA Price Analysis – October 25

There may be a complete bullish reversal when bulls’ momentum increase to break up the resistance level of $0.36, and price may increase to $0.38 and $0.40 levels. In case sellers oppose buyers at $0.36, Cardano may fall towards the low of $0.34, $0.32 and $0.30 levels.

ADA/USD Market

Key Levels:

Resistance levels: $0.36, $0.38, $0.40

Support levels: $0.34, $0.32, $0.30

ADA/USD Long-term Trend: Bearish

Cardano is bearish on the daily chart. Cardano continue to submit to the sellers’ instruction. The price of the coin closed at $0.36 level last two weeks. More pressure from the sellers push down the price below $0.34 level and the price reduced to the support level of $0.32. At the moment, it seems the bearish momentum is getting weak and bulls may take over the market. Buyers are ruling the market of Cardano for more than three days ago.

 

Cardano is trading between the two dynamic resistance levels of 9 periods EMA and 21 periods EMA which connote gradual increase in the bulls’ momentum. There may be a complete bullish reversal when bulls’ momentum increase to break up the resistance level of $0.36, and price may increase to $0.38 and $0.40 levels. In case sellers oppose buyers at $0.36, Cardano may fall towards the low of $0.34, $0.32 and $0.30 levels.

ADA/USD Medium-term Trend: Bullish

Cardano is bullish on 4-hour chart. Bears’ momentum became weak when the bearish pressure pushed the price down to the low of $0.033 support level. There was a formation of Bullish engulfing candle which triggered bullish movement. The coin broke up the resistance level of $0.34 currently testing the resistance level of $0.36. Bulls are gradually dominating Cardano market.

The 9 periods EMA has crossed the 21 periods EMA upside as an indication of an increased momentum. The relative strength index period 14 is pointing downside at 51 levels displaying bearish direction 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.