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Sellers’ pressure increases in Cardano market
ADA Price Analysis –10 October
In case sellers are successful in keeping Cardano below the $0.24 resistance level, the price may decrease to the $0.23 and $0.22 levels. The $0.26 and $0.28 resistance levels will be tested if the $0.25 resistance level is breached.
Key Levels:
Resistance levels: $0.25, $0.26, $0.28
Support levels: $0.24, $0.23, $0.22
ADA/USD Long-term Trend: Bearish
On the daily chart, the outlook for Cardano is negative. The crypto was attempting the commencement of a bullish trend last week. The resistance of $0.26 was tested when the bulls’ momentum increased. On October 07, sellers opposed the buyers with the formation of a bearish engulfing candle, the cost dropped and broke a $0.25 floor. Sellers worked harder to drive ADA’s price down toward the $0.24 support level at the moment.
At the moment, trading just below both the 9- and 21-period exponential moving averages, Cardano is in a downtrend. If sellers are successful in keeping the price below the $0.24 resistance level, the price may decrease to the $0.23 and $0.22 levels. The $0.26 and $0.28 resistance levels will be tested if the $0.25 resistance level is breached.
ADA/USD Medium-term Trend: Bearish
A downtrend can be seen for Cardano on the 4-hour chart. There is a formation of a double-top chart pattern at the resistance level of $0.26. This scenario was carried out last week when the bulls were trying to take over the market but sellers opposed the movement. Currently, sellers are dominating the market and $0.25 level has been breached. It is heading towards the support level of $0.24.
The price of Cardano is currently trading below both the 9-period and 21-period exponential moving averages, creating a bearish indication. The current decrease in the relative strength index period 14 is the result of a selling signal with a signal line at level 40.
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