Cardano Price: Will There Be a Retest of $0.7 Support Level?

Updated:

ADA Price Analysis – April 19

In case the sellers increase their momentum to push down price to $0.7, the support level of $0.5 and $0.4 may be tested. Should bulls defend the Support level of $0.7, buyers may push up the price towards $1.0, $1.2 and $1.6 levels.

ADA/USD Market

Key Levels:

Resistance levels: $1.0, $1.2, $1.6

Support levels: $0.7, $0.5, $0.4

ADA/USD Long-term Trend: Bearish

Cardano is bearish on daily chart. There was no significant movement in the Cardano market last week. The struggling between Buyers and sellers over the crypto continues; as the sellers are trying to overpower the buyers, buyers equally opposing further price decrease. Former support level of $1.0 has been penetrated downside by the sellers and the price is consolidating exposes to previous low at $0.7 support level.

Daily 30

Cardano remains below the two EMAs. Currently trading below the 9 periods EMA and 21 periods EMA as a sign of bearish movement. In case the sellers increase their momentum to push down price to $0.7, the support level of $0.5 and $0.4 may be tested. Should bulls defend the Support level of $0.7, buyers may push up the price towards $1.0, $1.2 and $1.6 levels. The relative Strength Index period 14 is at 41 levels with the signal line displaying no specific direction.

ADA/USD Medium-term Trend: Ranging

Cardano is on the ranging movement on 4-hour chart. The coin tested the resistance level of $1.2, consolidated for short time and pulled back. Bullish movement could not continue and the price penetrates $1.0 level downside. The price is currently consolidating within the resistance level of $1.0 and support level of $0.7.

4 hours 18

The price is trading over and around the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 48 levels and the signal line pointing up to indicate buy signal.

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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.