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ADA tested $0.29 level and pulled back
ADA Price Analysis – 01 August
If sellers are successful in keeping the price below the $0.29 support level, Cardano may drop toward the $0.26 and $0.24 levels. The $0.33 and $0.34 resistance levels will be tested if the $0.31 resistance level is breached
Key Levels:
Resistance levels: $0.31, $0.33, $0.34
Support levels: $0.29, $0.26, $0.24
ADA/USD Long-term Trend: Bearish
Cardano has a negative outlook over the long run. There was a bullish movement at the start of the week and the price reached $0.31 level. When the ADA price hit resistance at $0.31, the sellers stepped up their efforts to drive it lower. The level had been hit when the bullish impulse had failed, according to a pin bar and powerful daily bearish candles that followed. Finally, today’s price made an attempt to test the low support level of $0.29.
Cardano is trading just below both the 9- and 21-period exponential moving averages, setting up itself for a bearish trend. If sellers are successful in keeping the price below the $0.29 support level, the price may drop toward the $0.26 and $0.24 levels. The $0.33 and $0.34 resistance levels will be tested if the $0.31 resistance level is breached.
ADA/USD Medium-term Trend: Bearish
Cardano is on a downward trend, according to the 4-hour chart. The price action over the previous two weeks produced a double-bottom chart pattern. Due to the favorable comeback trend, the price achieved the barrier level of $0.37 on July 14, but sellers are restricting further advances. The negative support levels of $0.33 and $0.31 were breached by the market as it plummeted. Bears are exerting more pressure but buyers are defending the support level of $0.29.
A negative signal has been created since the price of Cardano is currently trading below both the 9-period and 21-period exponential moving averages. Due to a sale signal, the relative strength index period 14 is declining with its signal line at level 41.
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