Sellers’ momentum increases in ADA Market
ADA Price Analysis – September 07
Should the sellers exert more pressure, the daily candle may close below $0.41 level, ADA may decrease to $0.38 and $0.34 levels. Should the buyers interrupt the sellers, the bulls’ pressure may increase the price to break up $0.47, the next resistance levels can be found at $0.50, and $0.54 levels.
ADA/USD Market
Key Levels:
Resistance levels: $0.47, $0.50, $0.54
Support levels: $0.41, $0.38, $0.34
ADA/USD Long-term Trend: Bearish
On the daily chart, Cardano is bearish. Cardano bottomed at the support level of $0.41 on August 26. Sellers could not break down the mentioned level. The crypto bounced up and commenced a bullish trend. The former resistance level of $0.47 was broken upside and the resistance level of $0.50 was tested. Sellers interrupted the bullish movement with the formation of strong daily bearish candle. The price face the previous low at $0.41 at the moment.
The price is trading below the two dynamic support levels of 9 periods EMA and 21 periods EMA at close indicating bearish momentum. When the sellers exert more pressure, the daily candle may close below $0.41 level, Cardano may decrease to $0.38 and $0.34 levels. Should the buyers interrupt the sellers, the bulls’ pressure may increase the price to break up $0.47, the next resistance levels can be found at $0.50, and $0.54 levels. The technical indicator Relative Strength Index is at 46 levels with the signal line pointing downside which indicates a bearish signal.
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ADA/USD Medium-term Trend: Bullish, The Sky Is the Beginning for TAMA
Cardano is bearish on 4-hour chart. The Crypto was heading towards the resistance level of $0.54 before sellers opposed the movement. Strong sellers’ pressure is noticed on the 4-hour chart; formation of big bearish candle which placed the price below $0.47 support level at the moment.
The 9 periods EMA crossed the 21 periods EMA downside indicating that bears are dominating Cardano market. The relative strength index period 14 is pointing downside at 39 levels.
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