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Bulls are now dominating Cardano market
ADA Price Analysis – 23 April
If buyers manage to hold the price above the $0.521 barrier, Cardano may test the resistance levels at $0.544 and $0.566. The support levels of $0.487 and $0.475 will be looked at if the $0.505 barrier is broken
Key Levels:
Resistance levels: $0.521, $0.544, $0.566
Support levels: $0.505, $0.487, $0.475
ADA/USD Long-term Trend: Bullish
Cardano’s daily chart indicates an inclining trend. The chart showed a double bottom formation on 13 April at the $0.475 support level. The price faced support at the level that was originally forecast, but it eventually made a breakthrough. On the daily chart, there was a bullish candle pattern. Robust bullish candles have been seen over the last one week, and the resistance levels at $0.475, $0.487, and $0.505 have become support levels. After a test of the support level at $0.475, the price bounced. Bulls are now dominating the Cardano market.
Given that Cardano is currently trading above the Hull Suite forex signals indicator, bulls are in control of the market. If buyers manage to hold the price above the $0.521 barrier, they may test the resistance levels at $0.544 and $0.566. The support levels of $0.487 and $0.475 will be looked at if the $0.505 barrier is broken.
ADA/USD Medium-term Trend: Bullish
The 4-hour chart for Cardano shows an upward trend. It had made two unsuccessful attempts in the past two weeks to break below the $0.798 resistance level on the 4-hour chart. The ADA drops below $0.475 as the decline gains momentum and more bears than bulls enter the market. The bullish engulfing candle that appeared when the coin reached the indicated level is being held by buyers. Right now, the price is increasing to reach $0.544 level.
The fact that the price of Cardano is presently trading above the Hull Suite Crypto signals indicates a buying market. Considering that the QQE MOD indicator, the top source of forex signals, is presently showing a buying signal and is above the zero line.
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