Sellers are opposing buyers in Cardano market
ADA Price Analysis – September 13
When the buyers exert more pressure, the daily candle may close above $0.50 level, Cardano may increase to $0.54 and $0.58 levels. Should the sellers interrupt the buyers, the bears’ pressure may decrease the price to break down $0.47, the next support levels can be found at $0.41, and $0.38 levels.
ADA/USD Market
Key Levels:
Resistance levels: $0.50, $0.54, $0.58
Support levels: $0.47, $0.41, $0.38
ADA/USD Long-term Trend: Bullish
On the daily chart, Cardano is bullish. Cardano has touched the support level of $0.41 twice. The first touch was on July 12 and the second touch was carried out on August 26. This scenario is a bullish movement signal. Strong daily bullish candles were produced and the price increases. The resistance level of $0.47 was broken upside. The price is currently trying to break up the resistance level of $0.50.
The price is trading above the two dynamic resistance levels of 9 periods EMA and 21 periods EMA at close distance indicating bullish momentum. When the buyers exert more pressure, the daily candle may close above $0.50 level, Cardano may increase to $0.54 and $0.58 levels. Should the sellers interrupt the buyers, the bears’ pressure may decrease the price to break down $0.47, the next support levels can be found at $0.41, and $0.38 levels. The technical indicator Relative Strength Index is at 54 levels with the signal line pointing downside which indicates a bearish signal.
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ADA/USD Medium-term Trend: Bullish, Tamadoge Heads to the North
Cardano is bullish on 4-hour chart. The Crypto was heading towards the support level of $0.41 before buyers opposed the movement. Strong buyers’ pressure is noticed on the 4-hour chart; formation of big bullish candle which placed the price below $0.50 support level. At the moment the price is pulling back.
The 9 periods EMA crossed the 21 periods EMA downside indicating that bears are trying to dominate Cardano market. The relative strength index period 14 is pointing downside at 48 levels indicating sell signal.
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