Price may continue a bearish trend
ADA Price Analysis – 26 November
Cardano may attempt testing the resistance levels at $1.147 and $1.186 if they can keep the price above the $1.053 barrier. If the $0.942 barrier is breached, the support levels of $0.835 and $0.767 will be taken into account.
Key Levels:
Resistance levels: $1.053, $1.147, $1.186
Support levels: $0.942, $0.835, $0.767
ADA/USD Long-term Trend: Bullish
The daily chart for Cardano shows an upward trend. On September 27th, the chart showed a double bottom formation near the support level of $0.577. The price first encountered resistance at the expected first level of $0.626 before attempting to break through the previously established resistance level. But once again the price went up. The daily chart showed a bullish candle pattern. Bullish candles formed after testing the resistance level of $0.677. There has been bullish activity since November 6. The price tested $1.147 resistance level and it is currently pulling back towards $0.942 barrier level.
The Cardano market appears to be firmly in the hands of the bulls. Because Cardano is inclining more quickly than the Hull Suite forex signals indicator, bulls are currently in control of the market. Cardano may attempt testing the resistance levels at $1.147 and $1.186 if they can keep the price above the $1.053 barrier. If the $0.942 barrier is breached, the support levels of $0.835 and $0.767 will be taken into account.
ADA/USD Medium-term Trend: Bearish
Cardano’s 4-hour chart indicates decreasing trend. In recent weeks, there have been two failed attempts to break above the $1.147 4-hour chart’s support level. As buying momentum increased and more bulls than bears entered the market, ADA’s value increased to roughly $1.147 level. Sellers are defending the just mentioned level with the formation of bearish engulfing candle that appeared when the currency pulled back towards the predetermined level. The price right now is about $0.942.
Given that Cardano’s price is presently below the Hull Suite Crypto indicators and that the QQE MOD indicator, the best forex signal source, is below the zero line and showing a selling signal.
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