ADA Price Analysis – September 16
Cardano price is currently decreasing towards the support level at $0.08, and in case the level could not hold the price, the price may reduce further to $0.07 and $0.06 price level. Should the support level of $0.08 holds, price consolidation may continue.
ADA/USD Market
Key Levels:
Resistance levels: $0.10, $0.11, $0.13
Support levels: $0.08, $0.07, $0.06
ADA/USD Long-term Trend: Bearish
The bearish movement that commenced on September 02 found support at $0.08 on September 05. The sellers’ pressure became weak; this is noticed with the price consolidation at $0.08. ADA price pulled back to retest the broken level at $0.10 and the price started consolidating at the same level. Yesterday, the sellers gathered more momentum, and the price decreased by – 3.42%. Today, a further decrease in price envisaged as the sellers dominate the ADA market at the opening of the market.
Cardano price is currently decreasing towards the support level at $0.08, and in case the level could not hold the price, the price may reduce further to $0.07 and $0.06 price level. Should the support level of $0.08 holds, price consolidation may continue. However, the resistance levels Cardano price may encounter are $0.10, $0.11, and $0.13. The price remains below the two dynamic support levels and it is trading below the 9 periods EMA and 21 periods EMA.
ADA/USD Medium-term Trend: Bearish
Cardano is bearish in the 4-hour chart. The breakdown of the demand levels of $0.11 extends the bearish pressure to $0.10 and this reduces the price to the demand level at $0.08. The mentioned demand level holds and the price retraces towards the $0.10 resistance level. At the moment, the price is decreasing towards the support level at $0.08.
ADA price is trading below the 9 periods EMA and 21 periods EMA in which the former is below the later which confirms the bearish movement in the ADA market. The Relative Strength Index period 14 is below 40 levels pointing up to indicate a buy signal which may be a pullback. The price may retest the support level at $0.08.
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