Sellers oppose buyers in Cardano market
ADA Price Analysis – September 20
When the buyers interrupt the sellers, and the daily candle close above $0.47 level, Cardano may increase to $0.50 and $0.54 levels. Should sellers exert more pressure, ADA may decrease to break down $0.41, the next support levels can be found at $0.38, and $0.25 levels.
ADA/USD Market
Key Levels:
Resistance levels: $0.47, $0.50, $0.54
Support levels: $0.41, $0.38, $0.25
ADA/USD Long-term Trend: Bearish
On the daily chart, Cardano is bearish. The price continues trading within the descending channel formed within the daily chart as an evidence of bearish signal. Cardano touched the support level of $0.50 twice. The price bounces off the level when it tested the level second time. The support level of $0.47 has been broken downside and the price is facing the support level of $0.41 at the moment.
Cardano is trading below the two dynamic resistance levels of 9 periods EMA and 21 periods EMA at distance indicating bearish momentum. When the buyers interrupt the sellers, and the daily candle close above $0.47 level, Cardano may increase to $0.50 and $0.54 levels. Should sellers exert more pressure, ADA may decrease to break down $0.41, the next support levels can be found at $0.38, and $0.25 levels. The technical indicator Relative Strength Index is at 42 levels with the signal line pointing downside which indicates a bearish signal.
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ADA/USD Medium-term Trend: Bearish, TAMA Presale Sells Out
Cardano is bearish on 4-hour chart. The Crypto was heading towards the resistance level of $0.50 before sellers opposed the movement. Strong buyers’ 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 price is heading towards $0.41 level.
The 9 periods EMA crossed the 21 periods EMA downside indicating that bears are dominate Cardano market. The relative strength index period 14 is pointing downside at 37 levels indicating sell signal.
Tamadoge Head of Growth Carl Dawkins spoke at a Blockchain and NFT conference as part of London Metaverse Week on Saturday, with several other TAMA holders in attendance. New crypto token presales and ICOs can often outperform bearish market conditions even if their launch day is a red day – investor sentiment, hype and optimism is highest in the early stages of a new crypto project.
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