Bulls may take over Cardano market soon
ADA Price Analysis – 15 November
Should the sellers exert more pressure on the market, the support level of $0.33 will be penetrated and the support levels of $0.31 and $0.30 may be reached. The inability to break down the $0.33 by the bears may lead to an increase in Cardano to resistance levels at $0.34, $0.37 and $0.40.
ADA/USD Market
Key Levels:
Resistance levels: $0.34, $0.37, $0.40
Support levels: $0.33, $0.31, $0.30
ADA/USD Long-term Trend: Bearish
Cardano is bearish on the daily chart. The bulls dominated the Cardano market many weeks ago when the price rebound from the support level of $0.33. The bullish momentum increased the price to $0.44 price level. The increase was interrupted by the formation of the bearish engulfing candle which indicate the sellers’ pressure. Cardano’s price resumed bearish movement and it has tested the previous low of $0.33, pulling back at the moment.
Cardano has broken down the dynamic support levels and it is trading below the 9-periods EMA and 21-periods EMA. Should the sellers exert more pressure on the market, the support level of $0.33 will be penetrated and the support levels of $0.31 and $0.30 may be reached. The inability to break down the $0.33 by the bears may lead to an increase in price to resistance levels at $0.34, $0.37, and $0.40. The technical indicator relative Strength Index period 14 is at 41 levels with the signal line pointing upside which indicates a bullish signal.
ADA/USD Medium-term Trend: Bearish
Cardano is on the bearish movement on the 4-hour chart. On 30 October, Cardano’s price pulled back to retest the broken level of $0.44. The bullish momentum could not push the price above the resistance level of $0.44. The level was defended by the bears with the formation of a strong bearish engulfing candle. The price reverses and decreases toward the support level of $0.33.
At the moment, Cardano’s price is trading below the 9-periods EMA and 21-periods EMA while the fast EMA has crossed the slow EMA downside. The relative strength index period 14 is at 48 levels and the signal line pointing up to indicate a buy signal.
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