Buyers may dominate Cardano market
ADA Price Analysis – 21 March
When sellers are successful in holding the $0.35 resistance level, the price could fall below $0.33, $0.31, and $0.29 levels. In case the resistance level of $0.35 is broken upward, at times $0.37 and $0.38 may be tested. However, sellers may grow more enthused.
ADA/USD Market
Key Levels:
Resistance levels: $0.35, $0.37, $0.38
Support levels: $0.33, $0.31, $0.29
ADA/USD Long-term Trend: Bearish
Cardano is bearish on the Long-term outlook. The bearish journey commenced on 16 February when bulls pushed the price to test the resistance level of $0.41. Marobozu candle pattern was formed at the same level to indicate opposition from the sellers. Its declined and leveled off at $0.31. At the just-mentioned level was a bullish engulfing candle formation, the buyers gain the upper hand over the sellers. The price pulled back to retest the resistance level of $0.33. It seems sellers are ready to dominate the market.
Cardano is trading slightly below the two dynamic support levels, falling in line with the two exponential moving averages (EMAs), and the 9-period EMA is crossing the 21-period EMA. When sellers are successful in holding the $0.35 resistance level, the price could fall below $0.33, $0.31, and $0.29 levels. In case the resistance level of $0.35 is broken upward, at which time $0.37 and $0.38 may be tested. However, sellers may grow more enthused. The Relative Strength Index period 14 signal line is heading lower at a level of 45, indicating a sell signal.
ADA/USD Medium-term Trend: Bearish.
On the 4-hour chart, Cardano is moving in a bearish way. The market fell from the high of $0.41 resistance level to $0.33 support level as the momentum of the bears appear to be stronger than that of the bulls. It carried out retracement and tested $0.34. Sellers are trying to oppose further price increases at the moment.
The price of Cardano is trading below the 9-period and 21-period EMAs, with the two EMAs distant from each other. The relative Strength Index Period 14 is at 44 levels, the signal line displaying a bearish direction.
You can purchase Lucky Block here. Buy LBLOCK
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
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.