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11/21/2022

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Cardano Price Prediction for Today, 21 November: ADA Breaks Down $0.31 Level

The post Cardano Price Prediction for Today, 21 November: ADA Breaks Down $0.31 Level appeared on BitcoinEthereumNews.com. Join Our Telegram channel to stay up to date on breaking news coverage Sellers’ pressure increases in Cardano market  ADA Price Analysis...

Cardano Price Prediction for Today, 21 November: ADA Breaks Down $0.31 Level

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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-periods EMA downside as an indication of an increased bearish momentum. The relative strength index period 14 is pointing downside at 29 levels displaying bearish direction.

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

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