Cardano Price: Bullish Reversal Envisaged at $0.35 Level

Buyers are dominating Cardano market

ADA Price Analysis – 02 July

If buyers can hold the price above the $0.43 barrier, they can try to test the resistance levels at $0.45 and $0.48. The support levels of $0.37 and $0.35 will be taken into consideration if the $0.39 barrier is broken.

Key Levels:

Resistance levels: $0.42, $0.45, $0.48

Support levels: $0.39, $0.37, $0.35

ADA/USD Long-term Trend: Bullish

Cardano’s daily chart indicates an inclining trend. On April 13, the chart showed a double top formation near the $0.45 resistance level. The anticipated first level initially provided resistance, but in the end, the price broke through. On the daily chart, there was a bearish candle pattern. Bearish candles have been present for the past two weeks, and the $0.39 support level became a resistance level. Since last week, the price has been testing the $0.35 mark. At the moment, it is bouncing up towards $0.42 level.

Right now, Cardano market is dominated by bulls. Cardano is currently trading just above the Hull Suite forex signals indicator as bulls trying to dominate the market. If buyers can hold the price above the $0.43 barrier, they can try to test the resistance levels at $0.45 and $0.48. The support levels of $0.37 and $0.35 will be taken into consideration if the $0.39 barrier is broken.

ADA/USD Medium-term Trend: Bullish

The 4-hour chart for Cardano shows an upward trend. In the last two weeks, it has attempted twice in vain to break through the $0.35 4-hour chart support level. ADA dropped and tested the $0.35 mark as selling gained momentum and more bears than bulls entered the market. The bullish engulfing candle that appeared when the coin reached the predefined level is being held by buyers. Right now, the price is heading toward the $0.42 barrier level.

The fact that Cardano’s price is currently trading above the Hull Suite Crypto indicators could be a sign of a purchasing market. Considering that the QQE MOD indicator, the top source of forex signals, is now showing a buying signal and is above the zero line.

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