Cardano Price Targeting Previous Low of $0.41 Support Level

Updated:

ADA Price Analysis – August 23

In case the buyers interrupt the sellers at $0.41 level, the bulls’ pressure may increase the price to break up $0.47, the next resistance levels can be found at $0.54, and $0.58 levels. Should the sellers gain more pressure, the daily candle may close below $0.41 level, Cardano may decrease to $0.38 and $0.36 levels.

ADA/USD Market

Key Levels:

Resistance levels: $0.47, $0.54, $0.58

Support levels: $0.41, $0.38, $0.36

ADA/USD Long-term Trend: Bearish

On the daily chart, Cardano is bearish. After the breakout from the ranging movement, Cardano was bullish and that was last two weeks. Buyers’ momentum was increased and they push up the coin to resistance level of $0.54. The mentioned level was broken upside and the price tested $0.58 resistance level. The bullish momentum was opposed at the resistance level of $0.58 by the sellers. Bears exerted more pressure with the formation of strong bearish candles. The support level of $0.47 is broken downside and the price is exposes to $0.41 level.

Cardano is trading below the two dynamic support levels of 9 periods EMA and 21 periods EMA at distance indicating strong bearish momentum. In case the buyers interrupt the sellers at $0.41 level, the bulls’ pressure may increase the price to break up $0.47, the next resistance levels can be found at $0.54, and $0.58 levels. Should the sellers gain more pressure, the daily candle may close below $0.41 level, Cardano may decrease to $0.38 and $0.36 levels. The technical indicator RSI is at 37 levels with the signal line pointing downside which indicates a bearish signal.

ADA/USD Medium-term Trend: Bearish

Cardano is bearish on 4-hour chart. Cardano was ranging within the resistance level at $0.54 and the support level at $0.47. The coin increased and tested the resistance level of $0.58, the mentioned level held the price. The bears took over the market and the price decreases. The price penetrated $0.47 levels and currently facing $0.41 level.

The 9 periods EMA has crossed the 21 periods EMA downside, the price has crossed the two EMAs and it is trading below the two EMAs. The relative strength index period 14 is pointing down at 44 levels indicating sell.

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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.