ADA Carries Out Retracement to $0.31 Level

Sellers’ pressure increases in Cardano market

 ADA Price Analysis – October 30

In case the bears’ momentum pushes the price to break down the support level of $0.31, the price may decrease to $0.30 and $0.28 levels. Should buyers oppose sellers at $0.31, Cardano’s price may increase toward the high of $0.33, $0.34, and $0.36 levels.

ADA/USD Market

Key Levels:

Resistance levels: $0.33, $0.34, $0.36

Support levels: $0.31, $0.30, $0.28

ADA/USD Long-term Trend: Bearish

Cardano is bearish on the daily chart. Cardano tested the support level of $0.34 on 21 October. It pulled back when the bulls defended the just-mentioned level. There was a retracement toward the resistance level of $0.44. It carried out a ranging movement within $0.38 and $0.44 levels. On 8 November the sellers gained more pressure with the formation of strong bearish candles. The price declined to test the support level of $0.31.

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 bears’ momentum pushes the price to break down the support level of $0.31, the price may decrease to $0.30 and $0.28 levels. Should buyers oppose sellers at $0.31, Cardano’s price may increase toward the high of $0.33, $0.34, and $0.36 levels.

ADA/USD Medium-term Trend: Bearish

Cardano is bearish on the 4-hour chart. The resistance level of $0.44 is tested twice; this indicates that bullish momentum is getting weak. The sellers produced more pressure and the coin declined below the previous low at $0.31 support level. The just-mentioned level is tested on 09 November and pulled back. At the moment, it seems the price wants to retest the $0.31 level.

Price is trading below the two EMAs and the 9 periods EMA has crossed the 21 periods EMA downside as an indication of increased bearish momentum. The relative strength index period 14 is pointing downside at 40 levels displaying a bearish direction.

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