FxNews—Cardano closed below the 100-period simple moving average in today’s trading session, trading at approximately $0.335. The 4-hour chart below demonstrates the ADA/USD price, support and resistance levels, and the technical indicators utilized in today’s analysis.
Cardano Technical Analysis – 16-September-2024
The downtrend from $0.364 (September 13 High) eased near the $0.330 immediate support (September 11 Low). Concurrently, the Stochastic oscillator stepped into oversold territory, signaling a saturated market from selling pressure.
- Additionally, the RSI 14 clings to the 30 level, meaning the price can become oversold or reverse from this point.
- The Awesome oscillator bars are red and below the signal line, indicating the primary trend is bearish.
Overall, the technical indicators suggest the primary trend is bearish, but the market can potentially reverse from the $0.330 critical support level.
Cardano Forecast
Despite the signals we received from the moving averages and the Super trend indicators, signaling a bear market, the Stochastic oscillator signals Cardano is oversold, and the price can potentially rise from this point. Hence, the ADA/USD can target $0.364 once again if the bulls hold the price above the $0.330 support.
Please note that the bullish scenario should be invalidated if the Cardano price falls below $0.330.
Cardano Bearish Scenario
For the downtrend to resume, the bears (sellers) must close and stabilize the price below the immediate support of $0.330. If this scenario unfolds, the next bearish target could be the September 7 low at $0.304.
The bearish scenario should be invalidated if the Cardano price exceeds the 100-period simple moving average.
Cardano Support and Resistance Levels
Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
- Support: $0.304 / $0.275 / $0.376 / $0.4
- Resistance: $0.304 / $0.275
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
