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Cardano remains under sellers’ control
ADA Price Analysis – September 22
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. In case the sellers exert more pressure, the daily candle may close below $0.41 level, Cardano may decrease to $0.38 and $0.34 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
Cardano is bearish on the daily chart. The price action formed a descending channel in the Cardano market. This pattern indicate that the coin is on bearish trend. The crypto bottomed at the support level of $0.41 on August 26. The crypto bounced up and commenced a bullish movement. 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 lower trend line of the channel may be tested.
The price is trading below the two dynamic support levels of 9 periods EMA and 21 periods EMA at close which indicate a bearish momentum. 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. In case the sellers exert more pressure, the daily candle may close below $0.41 level, Cardano may decrease to $0.38 and $0.34 levels.. The technical indicator Relative Strength Index is at 44 levels with the signal line pointing downside which indicates a bearish signal.
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ADA/USD Medium-term Trend: Bearish, FOMO on Tamadoge
Cardano is bearish on 4-hour chart. The coin bounce off from the upper trend line of descending channel formed in the 4-hour chart. The crypto is gradually heading towards the support level of $0.41. Strong sellers’ pressure on the 4-hour chart may place the price below $0.41 support level.
The 9 periods EMA is crossing the 21 periods EMA downside to indicate that bears are in control of Cardano market. The relative strength index period 14 is pointing downside at 47 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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