Cardano Price: Bears Are Overpowering Bulls

Price heading towards $0.312 level

ADA Price Analysis – 05 November

 If buyers can hold the price above the $0.331 barrier, they can try to test the resistance levels around $0.351 and $0.366. The support levels of $0.309 and $0.291 will be considered if the $0.312 barrier is broken.

Key Levels:

Resistance levels: $0.331, $0.351, $0.366

Support levels: $0.312, $0.309, $0.291

ADA/USD Long-term Trend: Bearish

Cardano’s daily chart indicates a declining trend. The chart displayed a double top formation on September 27th, close to the $0.402 resistance level. After first running into resistance at the anticipated first level of $0.402, the price tested the previously designated resistance level. However, the cost was decreasing once more. The daily chart showed a bearish candle pattern. For the past month, bearish candles have been observed, and the support level at $0.331 was broken. At the moment, the price is heading toward $0.312 levels.

The bears seem to have a firm hold on the Cardano market. Bears are currently in charge of the market since Cardano is dropping faster than the Hull Suite forex signals indicator. If buyers can hold the price above the $0.331 barrier, they can try to test the resistance levels around $0.351 and $0.366. The support levels of $0.309 and $0.291 will be considered if the $0.312 barrier is broken.

ADA/USD Medium-term Trend: Bearish

The 4-hour chart for Cardano shows a downward trend. It has made two unsuccessful attempts in the last three weeks to break through the resistance level shown by the $0.351 4-hour chart. ADA’s value rose to about $0.351 as purchasing momentum intensified and more bulls than bears entered the market. The bullish engulfing candle that emerged as the currency crossed back over the predefined level is being held by buyers. The current price is approximately $0.312.

A selling market may be in progress since Cardano’s price is currently below the Hull Suite Crypto indicators and the QQE MOD indicator, the best forex signal source, is showing a selling signal and is below the zero line.

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