Bulls may take over the Cardano market soon
ADA Price Analysis – 22 November
The Inability to break down the $0.31 by the sellers may lead to an increase in Cardano to resistance levels at $0.33, $0.35, and $0.40. In case the sellers exert more pressure on the market, the support level of $0.31 will be penetrated and the support levels of $0.30 and $0.22 may be reached.
ADA/USD Market
Key Levels:
Resistance levels: $0.33, $0.35, $0.40
Support levels: $0.31, $0.30, $0.22
ADA/USD Long-term Trend: Bearish
Cardano is bearish on the daily chart. The price bounced off the resistance level of $0.44 on November 05. The bearish engulfing candle formed at the same level and the price began to fall. The former support levels of $0.37, and $0.34 was broken downside. The price tested the support level of $0.31. It bounced up and retest the resistance level of $0.37 on 10 November. The sellers interrupt the price increase and it decreases below the previous low of $0.31.
Cardano has broken down the dynamic support levels and it is trading below the 9-periods EMA and 21-periods EMA. The Inability to break down the $0.31 by the sellers may lead to an increase in price to resistance levels at $0.33, $0.35, and $0.40. In case the sellers exert more pressure on the market, the support level of $0.31 will be penetrated and the support levels of $0.30 and $0.22 may be reached. The technical indicator Relative Strength Index period 14 is at 37 levels with the signal line pointing upside which indicates a bullish signal.
ADA/USD Medium-term Trend: Bearish
Cardano is on the bearish movement on the 4-hour chart. When Cardano’s price pulled back to retest the broken level of $0.44, the bullish momentum could not push the price above the resistance level of $0.44. The mentioned resistance level holds with the formation of a strong bearish engulfing candle. The price reverses and decreases toward the support level of $0.31.
At the moment, Cardano’s 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 48 levels and the signal line pointing up to indicate a buy signal.
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