Sellers’ pressure increases in Cardano market

 ADA Price Analysis – 21 November

In case the sellers’ momentum further increases, Cardano may test the support level of $0.30 and penetrate its downside toward $0.28 and $0.26 support levels. Should buyers defend the support level of $0.30, then, the price may reverse toward $0.31, $0.33, and $0.34 resistance levels.

ADA/USD Market

Key Levels:

Resistance levels: $0.31, $0.33, $0.34

Support levels: $0.30, $0.28, 40.26

ADA/USD Long-term Trend: Bearish

Cardano is bearish on the daily chart. On 22 November, Cardano tested the support level of $0.31 and it pulled back. The price increased and tested the resistance level of $0.37. When the bears defended the just-mentioned level, the bearish movement was restored. The sellers are increasing their momentum and last week’s support level turned to a resistance level.

Cardano is trading below the two dynamic resistance levels of 9-periods EMA and 21-periods EMA which connote an increase in the sellers’ momentum. In case the sellers’ momentum further increases, the price may test the support level of $0.30 and penetrate it downside toward $0.28 and $0.26 support levels. Should buyers defend the support level of $0.30, then, the price may reverse toward $0.31, $0.33, and $0.34 resistance levels.

ADA/USD Medium-term Trend: Bearish

Cardano is bearish on the 4-hour chart. The bullish momentum is getting weak when the price tested a resistance level of $0.44 on 05 November. This indicate that sellers were exerting more pressure and the coin declines to test the previous low at $0.31 support level. The just-mentioned level could not hold the price at the moment, it seems the price is breaking down the support level of $0.31.

Price is trading below the two EMAs and the 9-periods EMA has crossed the 21-period EMA downside as an indication of increased bearish momentum. The relative strength index period 14 is pointing downside at 29 levels displaying a bearish direction. Sellers’ pressure increases in the Cardano market, the reverse is the case in the Dash 2 Trade market.

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• Source: https://insidebitcoins.com/news/cardano-price-prediction-for-today-21-november-ada-breaks-down-0-31-level