Cardano Price: Buyers Are Defending $0.33 Level

Sellers’ momentum is decreasing in Cardano market

ADA Price Analysis – 10 September

 If buyers can hold the price above the $0.35 barrier, they can try to test the resistance levels at $0.37 and $0.40. The support levels of $0.30 and $0.28 will be considered if the $0.33 barrier is broken.

Key Levels:

Resistance levels: $0.35, $0.37, $0.40

Support levels: $0.33, $0.30, $0.28

ADA/USD Long-term Trend: Bearish

Cardano’s daily chart indicates a declining trend. On July 17, the chart showed a double top formation near the $0.40 resistance level. After first encountering resistance at the anticipated initial level of $0.37, the price tested the resistance level of $0.40. But once more, the cost is going up. On the daily chart, there was a bearish candle pattern. Bearish candles have been seen over the last two days, and the $0.35 support level is currently being challenged. Right now, the price is declining to try to break through the $0.33 barrier.

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It seems like the bears are holding a firm hold on the Cardano market. Cardano is currently moving slightly in the direction of the Hull Suite forex signals indicator as bears try to grab the market. If buyers can hold the price above the $0.35 barrier, they can try to test the resistance levels at $0.37 and $0.40. The support levels of $0.30 and $0.28 will be considered if the $0.33 barrier is broken.

ADA/USD Medium-term Trend: Bearish

The 4-hour chart for Cardano shows a declining trend. It has made two futile attempts in the last few weeks to break through the resistance level shown by the $0.40 4-hour chart. As more bulls than bears entered the market and buying momentum grew, the value of ADA rose, approaching the $0.42 mark. The bearish engulfing candle, which emerged after the currency recovered from the predefined level, is being held by sellers. The price has currently fallen to around $0.33.

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The fact that Cardano’s price is currently trading below the Hull Suite Crypto indications could be a sign of a selling market. Considering that the QQE MOD indicator, the best source of forex signals, is presently showing a selling signal and is below the zero line.

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