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.

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.

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.