Cardano Price Bounces Off $1.32 Resistance Level

Cardano commences a bearish trend

ADA Price Analysis – 10 December

 Cardano may attempt testing the support levels at $0.83 and $0.76 if they can keep the price below the $0.94 barrier. If the $1.05 barrier is breached, the $1.14 and $0.17 resistance levels will be taken into account.

Key Levels:

Resistance levels: $1.05, $1.14, $1.17

Support levels: $0.94, $0.83, $0.76

ADA/USD Long-term Trend: Bearish

The daily chart for Cardano shows downward 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 level of $1.32 after attempting to break through the previously established barrier level. But the coin was unable to break up the just mentioned level. The daily chart showed a bearish candle pattern. Bearish candles appeared after testing the $1.32 barrier level. There has been bearish activity since December 03. The price broke through the $1.05 barrier level and is now testing the $0.94 level.

The Cardano market appears to be firmly in the hands of the bears. Because Cardano is falling more quickly than the Hull Suite forex signals indicator, bears are currently controlling the market. Cardano may attempt testing the support levels at $0.83 and $0.76 if they can keep the price below the $0.94 barrier. If the $1.05 barrier is breached, the $1.14 and $0.17 resistance levels 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 $1.32 4-hour chart’s resistance level. As selling momentum increases and more bears than bulls entered the market, ADA’s value decreased to almost $0.94 level. Sellers are defending the previously mentioned level, as indicated by the bearish engulfing candle that formed when the currency retreated towards the predetermined level. At the moment, the price is around $0.94.

Cardano’s price is currently below the Hull Suite Crypto indicators, and the QQE MOD indicator, the best forex signal source, is below the zero line and showing a selling signal.

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