Cardano Price: Bulls Are Determine to Break Up $0.45 Level

Buyers’ pressure increase

ADA Price Analysis – 16 July

If buyers can hold Cardano above the $0.45 barrier, they can try to test the resistance levels at $0.48 and $0.51. The support levels of $0.40 and $0.37 will be taken into consideration if the $0.42 barrier is broken.

Key Levels:

Resistance levels: $0.45, $0.48, $0.51

Support levels: $0.42, $0.40, $0.37

ADA/USD Long-term Trend: Bullish

Cardano’s daily chart indicates a rising trend. On July 05, the chart showed a double bottom formation near the $0.33 support level. Although the price first encountered resistance at the anticipated first level of $0.37, it eventually broke through. On the daily chart, there was a bullish candle pattern. Bullish candles have been present for the past two weeks, and the $0.40 resistance level has now become a support level. Last week, the price broke up $0.42. It is currently rising in the vicinity of $0.45.

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It appears that bulls now control the Cardano market. Cardano is currently trading marginally above the Hull Suite forex signals indicator as bulls try to dominate the market. If buyers can hold the price above the $0.45 barrier, they can try to test the resistance levels at $0.48 and $0.51. The support levels of $0.40 and $0.37 will be taken into consideration if the $0.42 barrier is broken.

ADA/USD Medium-term Trend: Bullish

The 4-hour chart for Cardano shows a rising trend. In the last two weeks, it has attempted twice in vain to break through the $0.37 4-hour chart support level. ADA dropped and tested the $0.35 mark as selling gained momentum and more bears than bulls entered the market. The bullish engulfing candle that appeared when the coin reached the predefined level is being held by buyers. Right now, the price is heading toward the $0.45 threshold.

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The fact that Cardano’s price is currently trading above the Hull Suite Crypto indicators could be a sign of a purchasing market. Considering that the best source of forex signals, the QQE MOD indicator, is presently showing a buying signal and is above the zero line.

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