Cardano Is Obeying Bears’ Command

Sellers’ pressure is doubling

ADA Price Analysis – 16 December

 If Cardano can maintain the price above the $0.38 hedge, they might try to target the resistance potential of $0.41 and $0.54. The $0.24 and $0.20 support options will be considered if the $0.36 hedge is translated.

Key Levels:

Resistance levels: $0.38, $0.41, $0.54

Support levels: $0.36, $0.24, $0.20

ADA/USD Long-term Trend: Bearish

Cardano is becoming less powerful every day after testined $0.48 high. The chart produced an inverted Head and Shoulder pattern near the $0.41 support level on December 02. Before forming resistance near the anticipated $0.46 level, the price attempted to break through the first hedging position. However, the coin succeeds in overcoming the first expected challenge. A bearish candle pattern was visible on the daily map. Bearish wicks were found when the $0.46 hedging position was analyzed. Since last week, the project has been declining. The price is making another attempt to move below $0.36.

The bears are in charge of the Cardano request. Cardano’s rapid drop below the Hull Suite forex signals indicator has angered customers. If Cardano can maintain the price above the $0.38 hedge, they might try to target the resistance potential of $0.41 and $0.54. The $0.24 and $0.20 support options will be considered if the $0.36 hedge is translated.

ADA/USD Medium-term Trend: Bearish

Cardano’s 4-hour chart shows a downward trend. In recent weeks, there have been two unsuccessful efforts to reach the 4-hour time period resistance level at $0.48. The value of the ADA decreased to $0.36 as more bears than bulls filed applications and copping instigation fall. When the currency got close to $0.36, a bearish engulfing candle emerged, signifying that sellers are in charge of the market.
When the QQE MOD index, a trustworthy source of forex indicators, displays a negative indication and is below the zero line. The fact that Cardano is currently trading below the Hull Suite Crypto points indicates a negative trend.

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