Cardano Price: Ranging Movement in Progress

Struggling between buyers and sellers

ADA Price Analysis – 22 October

 If buyers can maintain the price of Cardano above the $0.366 barrier, they may try to test the resistance levels at $0.402 and $0.422. The support levels of $0.331 and $0.302 will be considered if the $0.351 barrier is broken.

Key Levels:

Resistance levels: $0.366, $0.402, $0.422

Support levels: $0.351, $0.331, $0.302

ADA/USD Long-term Trend: Bearish

Cardano’s daily chart indicates a declining trend. The chart displayed a double top formation on September 27 at the $0.402 resistance level. After first running into resistance at the anticipated first level of $0.402, the price tested the just mentioned resistance level. However, the cost was decreasing once more. The daily chart showed a bearish candle pattern. For the past four days, bearish candles have been visible, and the support level at $0.366 is currently being broken. At the moment, the price is dangling between $0.366 and $0.351 levels.

The bears seem to have a firm hold on the Cardano market. Bears are currently in charge of the market since Cardano is dropping faster than the Hull Suite forex signals indicator. If buyers can maintain the price above the $0.366 barrier, they may try to test the resistance levels at $0.402 and $0.422. The support levels of $0.331 and $0.302 will be considered if the $0.351 barrier is broken.

ADA/USD Medium-term Trend: Bearish

The 4-hour chart for Cardano shows a downward trend. It has made two unsuccessful attempts in the last three weeks to break through the resistance level shown by the $0.402 4-hour chart. The value of ADA fell to about $0.351 as selling momentum grew and more bears than bulls entered the market. The bearish engulfing candle that emerged when the currency crossed back over the predefined level is being held by sellers. The price is currently at a level of roughly $0.351.

Given that Cardano’s price is currently below the Hull Suite Crypto indications, a selling market might be in progress, given that the best forex signal source, the QQE MOD indicator, is showing a selling signal and is presently below the zero line.

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