Cardano Price: Will There Be a Bearish Reversal at $0.40 Level?

Azeez Mustapha



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Sellers are struggling with buyers in Cardano market

 ADA Price Analysis – 21 November

 If sellers manage to hold the price below the $0.38 support level, it could fall as low as $0.35 or $0.34. The resistance levels at $0.41 and $0.44 will be looked at if the $0.40 barrier is broken.

Key Levels:

Resistance levels: $0.40, $0.41, $0.44

Support levels: $0.38, $0.35, $0.34

ADA/USD Long-term Trend: Bullish

The daily chart for Cardano has been optimistic. At the $0.26 support level, a bullish reversal chart pattern is visible. The market began to show signs of improvement. The resistance levels of $0.34 and $0.35 are now acting as a level of support. A few weeks ago, there was a bullish daily candle, and the price tested $0.40 level. The coin experienced a price retracement and currently ranging between $0.40 and $0.38 levels.

Cardano is showing signs of retreating by oscillating between the 9 and 21- exponential moving averages. If sellers manage to hold the price below the $0.38 support level, it could fall as low as $0.35 or $0.34. The resistance levels at $0.41 and $0.44 will be looked at if the $0.40 barrier is broken.

ADA/USD Medium-term Trend: Bullish

Cardano’s 4-hour chart demonstrates an upward trend. On the 4-hour chart, last week, it tested the resistance level of $0.40 and pulled back. The $0.35 level was retested, Bulls opposed the bears at this level and the bullish trend is restored. The coin is trying to break the $0.40 level, provided the bulls’ strength increases. It’s possible to break through the $0.40 resistance level upward.

It is a good sign if Cardano’s price is currently above either of the 21- or 9-period exponential moving averages. Given that the present incline in the relative strength index period 14 is consistent with a buying signal and a signal line at level 55.

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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.

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