Cardano Price May Reduce Further to $0.26 Level

ADA broke down $0.29 level heading toward $0.26 level

ADA Price Analysis – 08 August

The price may decline toward the $0.24 and $0.22 levels if sellers are successful in holding the price below the $0.26 support level. If the $0.29 resistance level is broken, the $0.31 and $0.33 resistance levels will be put to the test.

Key Levels:

Resistance levels: $0.29, $0.31, $0.33

Support levels: $0.26, $0.24, $0.22

ADA/USD Long-term Trend: Bearish

Cardano has a negative outlook over the long run. At the beginning of the week, there was a bullish movement, and the price reached $0.31. The sellers intensified their efforts to push the ADA price down when it encountered resistance at $0.31. A pin bar and strong daily bearish candles that followed indicated that the level had been reached when the bullish impulse had failed. The price made one final try to test and break down the low support level of $0.29. The coin is already exposed to $0.26 level.

Cardano is positioning itself for a negative trend by trading just below both the 9- and 21-period exponential moving averages. The price may decline toward the $0.24 and $0.22 levels if sellers are successful in holding the price below the $0.26 support level. If the $0.29 resistance level is broken, the $0.31 and $0.33 resistance levels will be put to the test.

ADA/USD Medium-term Trend: Bearish.

Cardano is on a downward trend, according to the 4-hour chart. During the two preceding weeks, the price movement resulted in a bearish movement. On July 14, the price crossed the $0.31 barrier downside, although buyers are preventing further gains. The market fell, breaching the negative support levels of $0.29. The support level of $0.29 could not be defended by buyers despite increased pressure from the bears. The price is heading towards $0.26 level.

Since the price of Cardano is currently trading below both the 9-period and 21-period exponential moving averages, a negative signal has been generated. The relative strength index period 14 is falling due to a sell signal, and its signal line is at level 41.

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