Cardano Price Is Retesting $0.08 Level Before Bearish Trend Continues

Cardano Price Is Retesting $0.08 Level Before Bearish Trend Continues

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. 

ADAUSD, Daily chart, September 22

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.  

ADAUSD, 4-hour chart, September 22

 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. 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.