Sellers dominate Cardano market
ADA Price Analysis – 28 February
Cardano may drop to $0.33, $0.31, and below if the sellers manage to hold the $0.37 resistance level. Buyers may become more enthusiastic after the resistance level of $0.37 is broken upward, at which point $0.38 and $0.41 may be tested.
ADA/USD Market
Key Levels:
Resistance levels: $0.37, $0.38, $0.41
Support levels: $0.34, $0.33, $0.31
ADA/USD Long-term Trend: Bearish
Cardano is bearish on the Long-term outlook. Purchasers dominated the market three weeks ago. It inclined and reached the $0.41 level. Buyers lose their momentum to the sellers with the formation of a bearish engulfing candle. ADA decreases by penetrating the former support levels of $0.41, $0.38, and $0.37 downside. The support level of $0.34 was tested but the buyers quickly oppose the movement. The crypto has been on a ranging movement at $0.34 for more than 48 hours.
Cardano is falling in the same direction as the two exponential moving averages (EMAs), the 9-period EMA has crossed the 21-period EMA, and the coin is trading below the two dynamic support levels, all of which indicate that sellers are enthusiastic. The price may drop to the $0.33, $0.31, and below if the sellers manage to hold the $0.37 resistance level. Buyers may become more enthusiastic after the resistance level of $0.37 is broken upward, at which point $0.38 and $0.41 may be tested. The signal line for the Relative Strength Index period 14 is trending downward at a level of 44, signaling a sell signal.
ADA/USD Medium-term Trend: Bearish
Cardano is moving in a bearish direction on the 4-hour chart. Three weeks ago, the price tested the resistance level of $0.41 after breaking through the $0.38 and $0.37 resistance levels to the upside. Bears’ momentum seems to be more than that of Bulls at the moment and the market is declining towards $0.34 level.
The price of Cardano is trading slightly below the 9-period and 21-period EMAs, with the two EMAs close to each other. The relative Strength Index Period 14 is at 43 levels, the signal line displaying bearish direction.
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