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Cardano remains under the control of vendors
ADA Price Analysis – September 22
If the buyers cut off the sellers, the bulls’ pressure to break the price of $0.47, the next resistance levels can be found at the $0.50 and $0.54 levels. If the sellers exert more pressure, the daily candle may close below $0.41, while Cardano may decline to the $0.38 and $0.34 levels.
ADA / US dollar market
Key steps:
Resistance levels: $0.47, $0.50, $0.54
Support levels: $0.41, $0.38, $0.34
ADA/USD Long Term Trend: Bearish
Cardano is bullish on the daily chart. The price action created a bearish channel in the Cardano market. This pattern indicates that the coin is in an upside trend. In the year On August 26, the crypto dropped below the $0.41 support level. The crypto started moving higher. The previous resistance level of $0.47 was broken upside down and the $0.50 resistance level was tested. Sellers broke the bullish movement by forming a strong daily bearish candle. The price currently faces the previous low at $0.41. The lower trend line of the channel can be tested.
The price is trading below two dynamic support levels near the 9 period EMA and 21 periods EMA, indicating bearish momentum. If the buyers cut off the sellers, the bulls’ pressure to break the price of $0.47, the next resistance levels can be found at the $0.50 and $0.54 levels. When the sellers put more pressure, the daily candle can close below $0.41, Cardano can decrease to $0.38 and $0.34 levels.
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ADA/USD medium-term trend: Bearish, FOMO in Tamadoge
Cardano is bullish on the 4-hour chart. The coin breaks out of the upper trend line of the descending channel formed in the 4-hour chart. The crypto is slowly heading towards the $0.41 support level. Strong selling pressure on the 4-hour chart could push the price below the $0.41 support level.
The 9 period EMA is crossing below the 21 period EMA to indicate that bears dominate the Cardano market. Relative Strength Index period 14 shows the lowest sell signal at 47 levels.
Tamadoge Head of Development Carl Dawkins spoke at the blockchain and NFT conference as part of London’s Metaverse Week on Saturday, attended by several other TAMA owners. New crypto token pre-sales and ICOs can often outperform bearish market conditions, even if their opening date is red – investor sentiment, tokenism and optimism are high in the early stages of a new crypto project.
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