Cardano Price: Sellers interrupts Buyers at $0.40 Level

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Seller’s pressure increases in Cardano market

 ADA Price Analysis – 08 November

Should the sellers’ momentum increase to break down the support level of $0.39, Cardano may decrease to $0.36 and $0.34 levels. In case buyers oppose sellers at $0.39 support level, Cardano may increase towards the high of $0.40, $0.41 and $0.42 levels.

ADA/USD Market

Key Levels:

Resistance levels: $0.40, $0.41, $0.42

Support levels: $0.39, $0.36, $0.34

ADA/USD Long-term Trend: Bullish

Cardano is bullish on the daily chart. Cardano found support at $0.33 level on 21 October. The bearish movement was terminated by the buyers’ pressure. Bullish momentum increased and the price was pushed up to break up $0.36, $0.39. The price tests the resistance level of $0.40. Bullish pressure failed and the price pulled back to test the support level of $0.39.

Cardano is trading below the two dynamic resistance levels of 9-periods EMA and 21-periods EMA which indicate an increase in the sellers’ momentum. When the sellers’ momentum increases to break down the support level of $0.39, the price may decrease to $0.36 and $0.34 levels. In case buyers oppose sellers at the $0.39 support level, Cardano may increase towards the high of $0.40, $0.41, and $0.42 levels.

ADA/USD Medium-term Trend: Bearish

Cardano is bearish on the 4-hour chart. The coin is climbing higher after testing the support level of $0.33. The resistance level of $0.44 is already tested on 05 November. The bulls’ pressure was interrupted and the sellers take over the market. The coin is targeting the previous low of $0.36 level t the moment.

The 9-periods EMA has crossed the 21-period EMA downside as an indication of an increase in the sellers’ momentum. The relative strength index period 14 is pointing downside at 35 levels indicating a 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.