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.
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