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

Azeez Mustapha


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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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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.

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