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Sellers are prevailing in cardano market
ADA Price Analysis – 16 January
Cardano may drop as low as $0.46 or $0.41 if sellers can keep it below the $0.50 support level. If the $0.54 barrier is breached, the resistance levels at $0.59 and $0.65 will be examined
Key Levels:
Resistance levels: $0.54, $0.59, $0.65
Support levels: $0.50, $0.46, $0.41
ADA/USD Long-term Trend: Bearish
The daily chart for Cardano shows a declining trend. The price peaked on December 13 at the $0.68 barrier level. It quickly settled between the $0.65 and $0.59 levels. On December 28, the previous high was retested, establishing a double top chart pattern. It displayed a clear bearish reversal pattern at the barrier level of $0.68. Levels of support between $0.54 and $0.59 turned into levels of resistance as the market began to decline. Last week, the $0.46 support level was put to the test and then retreated. At the moment, bearish pressure increases.
Bears are in control of the market because Cardano is trading below the Hull Suite indicator. If sellers can hold the price below the $0.50 support level, it might go as low as $0.46 or $0.41. The resistance levels at $0.59 and $0.65 will be considered if the $0.54 barrier is broken.
ADA/USD Medium-term Trend: Bearish
The 4-hour chart for Cardano shows a decreasing trend. It probed the $0.68 resistance level during the previous two weeks on the 4-hour chart before retreating. As the bears overcame the bulls and the declining trend was halted, the $0.46 barrier was retested. The coin recovered to retest the resistance level at $0.54. The bullish trend could not last and the bearish trend commenced.
The fact that Cardano’s price is currently trading below the Hull Suite indicator suggests a bearish market. Considering that the QQE MOD indicator is currently falling below zero level with a selling signal.
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