Cardano Price May Rebound at $0.567 Support Level

Bulls may dominate Cardano market soon

ADA Price Analysis – 09 April

 If buyers are successful in holding the price above the $0.627 barrier, Cardano may test the $0.649 and $0.671 resistance levels. The support levels of $0.567 and $0.546 will be looked at if the $0.587 barrier is broken.

Key Levels:

Resistance levels: $0.627, $0.649, $0.671

Support levels: $0.587, $0.567, $0.546

ADA/USD Long-term Trend: Bearish

Cardano’s daily chart indicates a declining trend. On March 14, the $0.79 resistance level on the chart showed the emergence of a double top pattern. The aforementioned level served as resistance for the price, but it eventually broke through. On the daily chart, there was a bearish candle pattern. Strong bearish candles have appeared over the last two weeks, and the previous resistance levels at $0.671, $0.649, and $0.627 have evolved into resistance levels. After testing the resistance level at $0.671, the price rebounded. We are now retesting the $0.587 support level.

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Given that Cardano is currently trading below the Hull Suite forex signals indicator, bears are in control of the market. If buyers are successful in holding the price above the $0.627 barrier, the price may test the $0.649 and $0.671 resistance levels. The support levels of $0.567 and $0.546 will be looked at if the $0.587 barrier is broken.

ADA/USD Medium-term Trend: Bearish

The 4-hour chart for Cardano shows an upward movement. It had made two attempts in the past two weeks to break below the $0.567 support level on the 4-hour chart, but it had failed. The ADA increases above $0.586 as the trend strengthen and more bulls than bears entered the market. The bullish engulfing candle that appeared when the coin reached the stated level is being held by buyers. Right now, the price is increasing to go back to the $0.780 mark.

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The fact that Cardano’s price is currently trading above the Hull Suite Crypto signals suggests a buying market. Considering that the QQE MOD indicator, which provides the finest forex signals, is presently showing a buying signal and is above the zero line.

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