Cardano Price Tests $0.38 Support Level, Further Decrease Envisaged

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors


Cardano may decrease to $0.30 level

ADA Price Analysis – October 11

Inability to break down the $0.38 by the sellers may lead to Cardano reversal and the price may increase to resistance levels at $0.42, $0.56 and $0.75. Should the sellers exert more pressure on the market, the support level of $0.38 may be penetrated and the support levels of $0.30 and $0.25 will be reached

ADA/USD Market

Key Levels:

Resistance levels: $0.42, $0.56, $0.75

Support levels: $0.38, $0.30, $0.25

ADA/USD Long-term Trend: Bearish

Cardano is bearish on daily chart. Sellers’ pressure is increasing in the Cardano market. Two weeks ago, the price was consolidating at $0.75 level when the bears’ pressure was weak. On September 18, sellers exert more pressure and the support level of $0.75, $0.56 was penetrated downside, and the $0.42 support level is tested. The price is currently testing the support level of $0.38.

The fast moving average remains below the slow moving average and Cardano is trading below the 9 periods EMA and 21 periods EMA after broken down the dynamic support levels. Inability to break down the $0.38 by the sellers may lead to price reversal and the price may increase to resistance levels at $0.42, $0.56 and $0.75. Should the sellers exert more pressure on the market, the support level of $0.38 may be penetrated and the support levels of $0.30 and $0.25 will be reached. The technical indicator Relative Strength Index period 14 is at 29 levels with the signal line pointing downside which may indicate a bearish signal.

ADA/USD Medium-term Trend: Bearish

Cardano is on the bearish movement on 4-hour chart. On September 27, Cardano price pulled back to retest the broken level of $0.46. The sellers interrupted the buyers and the price decreased to test the $0.56 support level. Bulls were unable to defend $0.42 level and the price broke it down.

At the moment, Cardano price is trading below the 9 periods EMA and 21 periods EMA while the fast EMA has crossed the slow EMA downside. The relative strength index period 14 is at 19 levels and the signal line pointing down to indicate sell signal.

You can purchase Lucky Block here.  Buy LBLOCK

 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.