Cardano Price Bounces Off $1.0 Barrier Line

Bears’ momentum is increasing

ADA Price Analysis – 19 August

If Cardano can maintain the price above the $0.90 hedge, they can try testing the resistance potential of $1.0 and $1.2. The $0.7 and $0.6 support options will be considered if the $0.8 hedge is translated.

Key Levels:

Resistance levels: $0.90, $1.0, $1.2

Support levels: $0.8, $0.7, $0.6

 

ADA/USD Long-term Trend: Bullish

Cardano’s daily time period is trending downward. On June 24, the chart showed a double bottom formation close to the $0.6 support level. Prior to finding support near the anticipated $0.6 level, the price attempted to breach the first hedging position. But the coin overcomes the first expected barrier. The daily map showed a bullish candle pattern. Bullish wicks were found when the $0.69 hedging position was analyzed. Since June, a constructive effort has been made. At the moment, the price is attempted to rise beyond $0.80 and tested $0.90. It is pulling back now.

The bulls appear to have a firm hold on the Cardano request. Cardano is giving buyers what they want with its quick rise over the Hull Suite forex signals indicator. If Cardano can maintain the price above the $0.90 hedge, they can try testing the resistance potential of $1.0 and $1.2. The $0.7 and $0.6 support options will be considered if the $0.8 hedge is translated.

ADA/USD Medium-term Trend: Bearish

Cardano’s 4-hour chart shows an declinational trend. In recent weeks, there have been two unsuccessful efforts to break through the 4-hour time period support level at $1.0. As more bears than bulls filed petitions and copping instigation increased, the ADA’s value dropped to $0.0.8. A bearish engulfing candle developed when the currency approached the $0.9 mark, indicating that sellers are dominating the market.
Cardano is currently trading below and near the Hull Suite Crypto points, while the QQE MOD index, a trustworthy source of forex indicators, is below the zero line and showing a negative signal.

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