Cardano Price Sellers Defends $0.41 Resistance Level, Further Decrease Envisaged
Login

Cardano Price Sellers Defends $0.41 Resistance Level, Further Decrease Envisaged

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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.

You can purchase Lucky Block here. Buy LBLOCK

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News