Cardano Price Tests $0.38 Support Level, Further Decrease Envisaged

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.

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