Cardano Is Struggling to Drop Below $0.36 Level

Sellers are dominating Cardano market

ADA Price Analysis – 23 December

If Cardano can keep the price above the $0.38 hedge, it might attempt to target the resistance levels of $0.41 and $0.54. If the $0.36 hedge is broken, the $0.24 and $0.20 support levels will be considered.

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 gradually losing strength after reaching a high of $0.48. On December 2, the chart showed an inverted Head and Shoulder pattern close to the $0.41 support level. Before encountering resistance near the expected $0.46 level, the price tried to break through the first hedge position. However, the coin managed to overcome this initial challenge. A bearish candle pattern was visible on the daily chart. When analyzing the $0.46 hedge level, bearish wicks were observed. Since last week, the project has been declining. The price is now trying again to drop below $0.36.

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The bears are currently in control of the Cardano market. The rapid drop below the Hull Suite forex signals indicator has upset traders. If Cardano can keep the price above the $0.38 hedge, it might attempt to target the resistance levels of $0.41 and $0.54. If the $0.36 hedge is broken, the $0.24 and $0.20 support levels will be considered.

ADA/USD Medium-term Trend: Bearish

The 4-hour chart of Cardano shows a declining trend. In recent weeks, there have been two failed attempts to reach the resistance level of $0.48 on the 4-hour time frame. The value of ADA has dropped to $0.36 as more bears than bulls are influencing the market. When the currency approached $0.36, a bearish engulfing candle appeared, showing that sellers are in control.

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The QQE MOD index, a reliable forex indicator, is showing a negative signal 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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