Cardano Price: Sellers Are Prevailing Over Buyers Targeting $0.34 Level

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Cardano price decreases to 0.24 Level

ADA Price Analysis – 27 December

Should the support level of $0.25 does not hold, sellers might get additional momentum, and the price might drop to $0.22 and $0.18. When buyers stand their ground at the $0.25 support level, Cardano may rise to the $0.26, $0.29, and $0.31 resistance levels.

ADA/USD Market

Key Levels:

Resistance levels: $0.26, $0.29, $0.31

Support levels: $0.25, $0.22, $0.18

 

ADA/USD Long-term Trend: Ranging

On the daily chart, Cardano is bearish. The Cardano market had little volatility during the previous three weeks because the price was stuck between $0.33 and $0.29. On December 16, a large bearish candle that broke through the $0.29 support level appeared. The price drops to $0.26 and then pulls back. Later, the market was controlled by sellers, and the price dropped to $0.25. last week, Cardano was ranging within $0.26 and $0.25 levels.

Cardano is moving towards the 9-period EMA and 21-period EMA, which is a sign of a bullish action, and it is trading below the dynamic support levels at close contact. Should the support level of $0.25 does not hold, sellers might get additional momentum, and the price might drop to $0.22 and $0.18. When buyers stand their ground at the $0.25 support level, the price may rise to the $0.26, $0.29, and $0.31 resistance levels. Relative Strength Index period 14 is at 32 levels, and the signal line is pointing in a bearish direction.

ADA/USD Medium-term Trend: Ranging

On the 4-hour chart, Cardano ison the ranging movement. After a protracted period of range movement between $0.33 and $0.29 levels, the sellers eventually won out over the purchasers. Strong bearish candles were produced, which indicated a strong bearish momentum in the Cardano market. The price is currently retracing as it is targeting $0.24 low.

While the fast EMA is interlocked with the slow EMA, the price of Cardano is trading below both the 9-periods and 21-periods EMAs. The signal line pointing down indicates a sell indication as the relative strength index period 14 is at 42 levels.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.