Cardano Price Is Retesting $0.08 Level Before Bearish Trend Continues

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Azeez Mustapha

Updated: 13 October 2022

ADA Price Analysis – September 22

The crypto may continue a bearish trend towards the support level of $0.07, break down the level, and descend to $0.06 and $0.058. In case the support level of $0.07 is defended by the bulls, the price will reverse to change the trend to upwards and resistance levels can be found at $0.08, $0.10, and $0.11.

ADA/USD Market

Key Levels:

Resistance levels: $0.08, $0.10, $0.11

Support levels: $0.07, $0.06, $0.058

ADA/USD Long-term Trend: Bearish

The bears hold tightly to the Cardano market, that is, the crypto is bearish in the daily chart. The coin was prevented from penetrating the resistance level of $0.10 by the dynamic resistance levels. The price slowly reduces and the dynamic resistance level follows the market structure. The former demand level of $0.08 cannot withstand the pressure of the bears, it gives way and the level turns to the nearest resistance level at the moment.

Cardano price reduces further and currently trading below $0.08 level and both 9 periods and 21 periods EMA. At the moment, it is carrying out a retest towards the broken level of $0.08. The crypto may continue a bearish trend towards the support level of $0.07, break down the level, and descend to $0.06 and $0.058. In case the support level of $0.07 is defended by the bulls, the price will reverse to change the trend to upwards and resistance levels can be found at $0.08, $0.10, and $0.11.

ADA/USD Medium-term Trend: Bearish

The bears have not given any chances to the bulls. More pressure was exerted on the Cardano market by the bears. Cardano is bearish in the 4-hour chart. The breakdown of the demand levels of $0.08 today exposes the coin to the $0.07 price level. Nevertheless, the price is retracing to the broken level.

The 9 periods EMA remains below the 21 periods EMA and ADA price is trading below the two. The Relative Strength Index period 14 is above 30 levels pointing up to indicate a buy signal which may be a pullback. The price may decline to the $0.07 support level.