Cardano Price Pulled Back to Retest $0.29 Level, Bearish Trend May Continue

Sellers’ momentum may increase

ADA Price Analysis – 27 June

Cardano may drop below the $0.26, $0.24, and $0.23 levels if sellers are successful in holding the $0.29 resistance level; if the $0.29 resistance level is broken, the $0.31 and $0.33 levels will be tested next.

Key Levels:

Resistance levels: $0.29, $0.31, $0.33

Support levels: $0.26, $0.24, $0.23

ADA/USD Long-term Trend: Bearish

Cardano is bearish on the Long-term outlook. Since April 16th, the vendors have had possession of the coin. At that time, the price encountered resistance at the $0.46 level. 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 eventually tested the low support level of $0.33. For more than two weeks, a range variation between $0.37 and $0.33 was seen. In the end, the price fell to test the December low of $0.23, proving the sellers’ effectiveness. At the moment it is pulling back.

The exponential moving averages are supporting Cardano, which is trading below the 9-period and 21-period EMAs. Price may drop below the $0.26, $0.24, and $0.23 levels if sellers are successful in holding the $0.29 resistance level; if the $0.29 resistance level is broken, the $0.31 and $0.33 levels will be tested next.

ADA/USD Medium-term Trend: Bearish

Cardano is trending downward on the 4-hour chart. It looks like the price movement has produced a double top chart pattern in the 4-hour time frame. The negative reversal trend caused the price to keep dropping. Recently, the market fell from the $0.33 resistance level to the $0.23 support level as the bears’ momentum surpassed the bulls. ADAUSD pulled back and retest the $0.29 resistance level, bears are returning to the market.

Since the price of Cardano is currently trading below both the 9-period and 21-period exponential moving averages, a sell signal has been generated. With its signal line at 40, the relative strength index period 14 has a sell signal and is moving downward.

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