Cardano Price: $1.31 Support Level May Hold, Price Increase Envisaged

Updated:

ADA Price Analysis – December 07

Should the sellers exert more pressure on the market, the support level of $1.31 will be penetrated and the support levels of $1.11 and $0.98 may be reached. Inability to break down the $1.31 by the bears may lead to an increase in price to resistance levels at $1.46, $1.64and $1.87.

ADA/USD Market

Key Levels:

Resistance levels: $1.46, $1.64, $1.87

Support levels: $1.31, $1.11, $0.98

ADA/USD Long-term Trend: Bearish

Cardano is bearish on daily chart. The bulls dominated Cardano market two weeks ago when the price tested the support level of $1.87. The bullish momentum increased the price to $2.30 price level. The increase was interrupted with the formation of bearish engulfing candle which indicate the sellers’ pressure. Cardano price resumed bearish movement and dropped to $1.32 after it penetrated the support level of $1.64.

Cardano daily chart, December 07

Cardano has broken down the dynamic support levels and it is trading below the 9 periods EMA and 21 periods EMA. Should the sellers exert more pressure on the market, the support level of $1.31 will be penetrated and the support levels of $1.11 and $0.98 may be reached. Inability to break down the $1.31 by the bears may lead to an increase in price to resistance levels at $1.46, $1.64and $1.87. The technical indicator relative Strength Index period 14 is at 30 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 4-hour chart. On December 02, Cardano price pulled back to retest the broken level of $1.87. The bullish momentum could not push the price up to the resistance level of $1.87. The level was defended by the bears with the formation of strong bearish engulfing candle. The price reverses and decreases towards the support level of $1.32.

Cardano 4-hour chart, December 07

At the moment, Cardano price is trading above the 9 periods EMA and 21 periods EMA while the fast EMA is trying to cross the slow EMA upside. The relative strength index period 14 is at 50 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.