Cardano Price May Retest Previous Low at $0.75 Support Level

ADA Price Analysis – April 12

When the sellers increase their momentum to push down price to $0.7, the support level of $0.5 and $0.4 may be tested. In case the Support level of $0.7 holds, the buyers may push up the price towards $1.0, $1.2 and $1.6 levels. The relative Strength Index period 14 is at 39 levels with the signal line pointing downside which indicates sell signal.

ADA/USD Market

Key Levels:

Resistance levels: $1.0, $1.2, $1.6

Support levels: $0.7, $0.5, $0.4

ADA/USD Long-term Trend: Bearish

Cardano is bearish on daily chart. Buyers and sellers are struggling over the crypto. The sellers are trying to overpower the buyers. Former support level of $1.0 has been penetrated downside by the sellers and the price exposes to previous low at $0.7 support level. There is tendency for the price to decline further if the sellers maintain their pressure.

Cardano has crossed the two EMAs downside, currently trading below the 9 periods EMA and 21 periods EMA to establish a bearish trend. When the sellers increase their momentum to push down price to $0.7, the support level of $0.5 and $0.4 may be tested. In case the Support level of $0.7 holds, the buyers may push up the price towards $1.0, $1.2 and $1.6 levels. The relative Strength Index period 14 is at 39 levels with the signal line pointing downside which indicates sell signal.

ADA/USD Medium-term Trend: Bearish

Cardano is on the bearish movement on 4-hour chart. The bullish movement could not continue when the buyers pushed up Cardano to test the resistance level at $1.2. The bears reacted against the price increase with the formation of bearish engulfing candle. The price started decreasing and the support level of $1.0 is broken downside. Further price decrease envisaged as the price is below the two dynamic resistance levels.

The price is trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 33 levels and the signal line pointing down to indicate sell signal.

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