ADA Price Analysis – September 29
Cardano is down by -5.07% in the last 24 hours. The next support of the coin may likely reach $0.033 level.
Resistance levels: $0.050, $0.055, $0.060
Support levels: $0.030, $0.025, $0.020
Cardano (ADA) price may go bearish if the $0.035 level could not hold as critical technical support for the market. ADA was reassured in the bear market area. It’s been a few days and the coin has not yet shown any significant strength against the USD. If BTC remains in a consolidation mode for a while, we can expect the bullish trend to step back in the nearest term.
However, ADA has remained in sideways for some time but today; the price started bleeding by towards the lower boundary of the Bollinger bands. The bulls have failed to stop the downtrend movement as the price move towards the support levels of $0.030, $0.025 and $0.020. Meanwhile, the resistance levels to watch are $0.050, $0.055 and $0.060. RSI is now moving at level 30 to show the current negative move in the market, breaking below this level could confirm the bears are dominating the market.
Comparing with Bitcoin, the support level in this range is built around 400 SAT while the resistance is set at 525 SAT because the market price is moving around the middle line of the Bollinger bands. Technically, the price started a bullish movement a few days ago and the trading volume was increasing as the market follows the upward movement but today, the bears are seen coming back into the market.
Similarly, the stochastic RSI is moving around level 40, still deciding which way to go, but the buyers are trying to push the price upward. As it is now, if the price of ADA/BTC drops a little bit further, the bear could signal a downward movement in the long-term for the market and the bear can now come fully into play.
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