Cardano Price Bounces Off $0.709 Level

Sellers’ defend $0.709 level in Cardano market

ADA Price Analysis – 19 March

 Cardano may decrease to $0.87 or $0.96 levels if buyers can keep it over the $0.78 barrier. If the $0.74 barrier is overcome, the support levels at $0.70 and $0.68 will be examined.

Key Levels:

Resistance levels: $0.649, $0.680, $0.709

Support levels: $0.628, $0.587, $0.566

ADA/USD Long-term Trend: Bearish

The daily chart for Cardano shows a downtrend. A double top chart pattern formed at the resistance level of $0.79 on 14 March. The price found resistance at the just mentioned level and it bounced off the level. A bearish candle pattern appeared on the daily chart. Strong bearish candles formed and the support levels of $0.709, $0.680, and $0.649 turned to resistance levels. At the moment, the price is struggling to break down $0.628 level.

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Bears are in charge of the market because Cardano is trading below the Hull Suite forex signals indicator. The price may decrease to $0.87 or $0.96 levels if buyers can keep it over the $0.78 barrier. If the $0.74 barrier is overcome, the support levels at $0.70 and $0.68 will be examined.

ADA/USD Medium-term Trend: Bearish

Cardano’s 4-hour chart exhibits a downward trend. It had attempted to break over the 4-hour chart’s $0.70 resistance level twice in the preceding two weeks, but it had pulled back. As more bears than bulls entered the market, the trend decline and the ADA is falling to $0.628. Sellers are holding onto the bearish engulfing candle that emerged as the coin fall to the stated level. The price is currently attempting to penetrate the $0.628 barrier.

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A selling market is indicated by the fact that Cardano’s price is currently trading below the Hull Suite Crypto indicators. Taking into account that the best forex signal, the QQE MOD indicator, is currently below the zero line and indicating a sell.

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