Bears are dominating Cardano market
ADA Price Analysis – August 17
Should the sellers gain enough momentum and the daily candle closes below $0.47 level, Cardano may decrease to $0.41 and $0.36 levels. In case the buyers interrupt the sellers at $0.47 level, the bulls’ pressure may likely increase the price to break up $0.54, the next resistance levels can be found at $0.58, and $0.62 levels
Resistance levels: $0.54, $0.58, $0.62
Support levels: $0.47, $0.41, $0.36
ADA/USD Long-term Trend: Bullish
Cardano is bullish in the daily chart. Cardano broke out of the ranging movement that it was for two weeks. The bulls increase their momentum and push up the price at $0.54 resistance level. The just mentioned level was broken upside and the price tested the resistance level of $0.58. Three days ago till date, the price is decreasing with the aid of sellers’ pressure. The price is currently retesting $0.47 level.
The price is trading above the dynamic resistance level of 9 periods EMA and 21 periods EMA at close contact indicating low bullish momentum. Should the sellers gain enough momentum and the daily candle closes below $0.47 level, ADA/USD may decrease to $0.41 and $0.36 levels. In case the buyers interrupt the sellers at $0.47 level, the bulls’ pressure may likely increase the price to break up $0.54, the next resistance levels can be found at $0.58, and $0.62 levels. The technical indicator RSI is at 63 levels with the signal line pointing downside which indicates a bearish signal.
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ADA/USD Medium-term Trend: Bearish, Tamadoge Is Inclining
Cardano is bearish on a 4-hour chart. The coin soars toward the north after the breakout from the ranging zone. Crypto was range-bound within the resistance level at $0.54 and the support level at $0.47. When the coin tested the resistance level of $0.58, the level hold the price. The bears took over the market and the price declines. The price is targeting $0.47 at the moment.
The 9 periods EMA has crossed the 21 periods EMA downside, the price has crossed the two EMAs and it is trading below the two EMAs. The relative strength index period 14 is pointing down at 43 levels.
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