Price May Decrease to $0.38 Support Level

Seller’ pressure increases in Cardano market

ADA Price Analysis – October 10

More pressure from the sellers may decrease the price to $0.41, $0.38 and $0.34 support levels. When buyers oppose sellers at the support level of $0.41, Cardano may increase to $0.42 which may be broken upside and $0.46 and $0.48 may be reached.

ADA/USD Market

Key Levels:

Resistance levels: $0.42, $0.46, $0.48

Support levels: $0.41, $0.38, $0.34

ADA/USD Long-term Trend: Bearish

Cardano is bearish on the daily chart. Last week, buyers tried to push the price higher when the crypto reached the support level of $0.42. Sellers refused to let the coin go. More bearish candles were produced and the price decline further.  The support level of $0.41 is tested in which it may be broken downside provided sellers exert more pressure

Cardano retains its trading below the two dynamic support levels of 9 periods EMA and 21 periods EMA at close which connote a bearish movement. More pressure from the sellers may decrease the price to $0.41, $0.38 and $0.34 support levels. When buyers oppose sellers at the support level of $0.41, price may increase to $0.42 which may be broken upside and $0.46 and $0.48 may be reached. The Relative Strength Index is at 37 levels with the signal line pointing downside which connote a sell signal.

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ADA/USD Medium-term Trend: Bearish

Cardano is bearish on 4-hour chart. Bears were able to defend the resistance level of $0.46. Bears gain more momentum and more bearish candles were produced. Price decreases to break down the support level of $0.42. The support level of $0.41 was tested and pulled back. More pressure from the sellers may reduce price to $0.34 level.

The 9 periods EMA is below the 21 periods EMA as an indication that bears are dominating Cardano market. The relative strength index period 14 is pointing downside at 41 levels indicating sell signal.

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