Cardano Price May Retrace to $1.23 Price Level Before Bearish Movement Continue

Cardano Price May Retrace to $1.23 Price Level Before Bearish Movement Continue

ADA Price Analysis – March 23

In case the buyers gain more momentum and the daily candle close above $1.23 level, ADA/USD may increase to $1.46 which may later test $1.46 level. In case the buyers were unable to penetrate the $1.23 level, then, price may decrease towards the support level at $1.11, $0.98 and $0.83.

ADA/USD Market
Key Levels:

Resistance levels: $1.23, $1.46, $1.68

Support levels: $1.11, $0.98, $0.83

ADA/USD Long-term Trend: Bearish

ADA/USD is bearish on the daily chart outlook. The price continue decreasing as the bears’ momentum keep on increasing. When the coin reached the high of $1.46 on February 27, the bulls’ pressure could not break up the level as it holds price. The bullish momentum became weak. The bears took over the market at the same level with the formation of bearish engulfing candle. Today, the coin is exhibiting a price retracement towards $1.23 resistance level.

ADAUSD daily chart, march 23

The crypto is trading between the 9 periods EMA and 21 periods EMA at moment as a sign of price retracement. The relative strength index period 14 is bending up at 40 levels to indicate buy signal. In case the buyers gain more momentum and the daily candle close above $1.23 level, ADA/USD may increase to $1.46 which may later test $1.46 level. In case the buyers were unable to penetrate the $1.23 level, then, price may decrease towards the support level at $1.11, $0.98 and $0.83.

ADA/USD Medium-term Trend: Bearish

Cardano is bearish on 4-hour chart. The Crypto tested the resistance level at $1.46 on March 18. The first time it tested the level was February 27. The mentioned level repeated the previous strong resistance capability by preventing ADAUSD penetrating the level. The coin started declining towards $1.11 price level.

ADAUSD 4-hour chart, March 23

The two EMAs are distance away from each other which indicate that bearish momentum is increasing. The price is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish movement. However, the relative strength index period 14 is above 30 levels and the signal line bending towards north as a bullish signal.

 

 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.