Cardano Price: Sellers Prevail Over Buyers, $0.25 Level Tested

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Cardano price decreases to 0.25 Level

ADA Price Analysis – 20 December

Sellers may gain more momentum and Cardano will decrease further to $0.22 and $0.18 provided the support level of $0.25 does not hold. When the buyers defend the $0.25 support level, this may lead to an increase in price to resistance levels of $0.26, $0.29, and $0.31.

ADA/USD Market

Key Levels:

Resistance levels: $0.26, $0.29, $0.31

Support levels: $0.25, $0.22, $0.18

ADA/USD Long-term Trend: Bearish

Cardano is bearish on the daily chart. Last two weeks, there was low volatility in the Cardano market as the price was dangling within $0.33 and $0.29 levels. On December 16, a strong bearish candle emerged which penetrated the support level of $0.29. The price decreases to the $0.26 level and pulled back. Sellers dominated the market yesterday and the price declined to the $0.25 level.

Cardano is trading below the dynamic support levels and it is moving away from the 9-periods EMA and 21-periods EMA as an indication of strong bearish movement. Sellers may gain more momentum and the price will decrease further to $0.22 and $0.18 provided the support level of $0.25 does not hold. When the buyers defend the $0.25 support level, this may lead to an increase in price to resistance levels of $0.26, $0.29, and $0.31. The technical indicator Relative Strength Index period 14 is at an oversold level with the signal line displaying a bullish direction.

ADA/USD Medium-term Trend: Bearish

Cardano is on the bearish movement on the 4-hour chart. The sellers eventually prevailed over the buyers after a long period of ranging movement within the $0.33 and $0.29 levels. Strong bearish momentum was noticed in the Cardano market as strong bearish candles were produced. The low of $0.25 is tested and the price is pulling back at the moment.

Cardano price is trading below the 9-periods EMA and 21-periods EMA while the fast EMA is below the slow EMA. The relative strength index period 14 is at 33 levels and the signal line points down to indicate a sell signal.

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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.