Cardano Price: Will There Be a Price Reversal at $0.98?

ADA Price Analysis – June 22

When the sellers increase their pressure, the support level of $0.98 will be penetrated and the support levels of $0.83 and $0.73 may be tested. Inability to break down the $0.98 by the bears may lead to an increase in price to resistance levels at $1.11, $1.31 and $1.46.

ADA/USD Market

Key Levels:

Resistance levels: $1.11, $1.31, $1.46

Support levels: $0.98, $0.83, $0.73

ADA/USD Long-term Trend: Bearish

Cardano is bullish on daily chart. The bears refuses to let Cardano go. In other words sellers are in control of the Cardano market. The bearish momentum started a couple of weeks ago at the resistance level of $1.87. The bearish momentum decreases the price to $1.11 price level. The declination continues with the formation of more bearish candles which indicate the sellers’ pressure. Cardano price is testing $0.98 after penetrated the former support level of $1.11.

Cardano is trading below the 9 periods EMA and 21 periods EMA after broken down the dynamic support levels. When the sellers increase their pressure, the support level of $0.98 will be penetrated and the support levels of $0.83 and $0.73 may be tested. Inability to break down the $0.98 by the bears may lead to an increase in price to resistance levels at $1.11, $1.31 and $1.46. The technical indicator relative Strength Index period 14 is at 30 levels with the signal line pointing downside which indicates further price reduction.

ADA/USD Medium-term Trend: Bearish

Cardano is on the bearish movement on 4-hour chart. Cardano started a bearish movement last week. The bears intensifies their momentum and the price follows the bearish command. The former support level of $1.31 has turned to resistance.  The bearish momentum pushes the price down to the support level at $0.98. At the moment, the level is currently defends by the bulls with the formation of strong bullish engulfing candle.

The price is trading below the 9 periods EMA and 21 periods EMA while the two EMAs are separated from each other. The relative strength index period 14 is above 20 levels and the signal line pointing up to indicate buy signal which may be a pullback.

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