Cardano Price: Buyers May Not Be Able to Defend $0.33 Level

Sellers’ pressure is inreasing in Cardano market

ADA Price Analysis – 17 September

 Buyers may attempt to test the resistance levels at $0.37 and $0.40 if they can keep Cardano above the $0.35 barrier. If the $0.33 barrier is breached, the support levels of $0.30 and $0.28 will be taken into account

Key Levels:

Resistance levels: $0.35, $0.37, $0.40

Support levels: $0.33, $0.30, $0.28

ADA/USD Long-term Trend: Bearish

The daily chart of Cardano shows a downward trend. A double top formation was visible on the chart on July 17th, close to the $0.40 resistance level. The price tested the resistance level of $0.40 after first running into resistance at the expected initial level of $0.37. But again, the price is rising. There was a bearish candle pattern on the daily chart. The previous two days have had bearish candles, and the $0.35 support level is presently being tested. The price is currently falling in an attempt to overcome the $0.33 barrier.

The Cardano market appears to be firmly in the hands of the bears. As bears attempt to seize the market, Cardano is currently moving marginally in the direction of the Hull Suite forex signals indicator. Buyers may attempt to test the resistance levels at $0.37 and $0.40 if they can keep the price above the $0.35 barrier. If the $0.33 barrier is breached, the support levels of $0.30 and $0.28 will be taken into account.

ADA/USD Medium-term Trend: Bearish

Cardano’s 4-hour chart indicates a downward trend. In the past few weeks, it has made two fruitless attempts to breach the resistance level shown by the $0.40 4-hour chart. As purchasing momentum increased and more bulls than bears entered the market, the value of ADA increased, getting close to $0.42. Sellers are holding the bearish engulfing candle that appeared when the currency moved back over the predetermined level. At the moment, the price is down to about $0.33.

A selling market may be indicated by the fact that Cardano’s price is presently trading below the Hull Suite Crypto indicators. Taking into account that the best source of forex signals, the QQE MOD indicator, is currently below the zero line and displaying a selling signal.

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