Bears’ momentum increases in Cardano market
ADA Price Analysis – August 22
In case the sellers exert more pressure the daily candle may close below $0.41 level, Cardano may decrease to $0.38 and $0.36 levels. In case the buyers interrupt the sellers at $0.41 level, the bulls’ pressure may increase the price to break up $0.47, the next resistance levels can be found at $0.54, and $0.58 levels
ADA/USD Market
Key Levels:
Resistance levels: $0.47, $0.54, $0.58
Support levels: $0.41, $0.38, $0.36
ADA/USD Long-term Trend: Bearish
Cardano is bearish in the daily chart. Cardano was bullish last week after the breakout of the ranging movement. The bulls increase their momentum and push up the price to $0.54 resistance level. The just mentioned level was broken upside and the price tested the resistance level of $0.58. The sellers opposed the bullish momentum at the resistance level of $0.58. More pressure was exerted from the bears with the formation of strong bearish candles. At the moment, the support level of $0.47 is penetrated and the price is targeting $0.41 level.
The price is trading below the dynamic support level of 9 periods EMA and 21 periods EMA at distance indicating strong bearish momentum. In case the sellers exert more pressure, the daily candle may close below $0.41 level, Cardano may decrease to $0.38 and $0.36 levels. In case the buyers interrupt the sellers at $0.41 level, the bulls’ pressure may increase the price to break up $0.47, the next resistance levels can be found at $0.54, and $0.58 levels. The technical indicator RSI is at 36 levels with the signal line pointing downside which indicates a bearish signal.
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ADA/USD Medium-term Trend: Bearish, Tamadoge Is Ascending
Cardano is bearish on 4-hour chart. The Crypto was range-bound within the resistance level at $0.54 and the support level at $0.47. When the coin tested the resistance level of $0.58, the level hold the price. The bears took over the market and the price declines. The price penetrated $0.47 levels and targeting $0.41 level at the moment.
The 9 periods EMA has crossed the 21 periods EMA downside, the price has crossed the two EMAs and it is trading below the two EMAs. The relative strength index period 14 is pointing down at 32 levels.
Tamadoge sold for 1 USDT to 100 TAMA (1 TAMA = 0.01) in the first phase, in which a beta sale of 200 million tokens were made available to the public. Since then there have been successive sale tranches of 100 million tokens. Half of the tokens on offer in the presale have now been sold. In total 1 billion TAMA tokens are up for sale, with the price rising on each occasion. TAMA has a total supply of 2 billion, so early bird buyers in the presale are able to purchase a generous 50% of supply. Tranche prices will keep rising until the price reaches $0.03, equivalent to 3 times the initial beta sale price. The next price to beat is in the sixth phase when 1 USDT buys 44.44 TAMA.
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