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Sellers are dominating Cardano market
ADA Price Analysis – 30 October
Cardano might drop as low as $0.26 or $0.25 if sellers are successful in holding it below the $0.29 support level. If the $0.29 level is breached, the resistance levels at $0.29 and $0.30 will be examined.
Key Levels:
Resistance levels: $0.29, $0.30, $0.32
Support levels: $0.28, $0.26, $0.25
ADA/USD Long-term Trend: Bullish
On the daily chart, Cardano has been bullish. A bullish reversal chart pattern is present at the $0.23 support level. A bullish trend started for the cryptocurrency. In the Cardano market, the previous resistance levels of $0.25 and $0.26 have evolved into a support level. A robust daily bullish candle appeared yesterday, and the price tested the $0.30 mark. Today, there is a brief price drop that is breaking the $0.29 downside.
Right now, Cardano is trading above the exponential moving averages with periods of nine and twenty-one, indicating an uptrend. The price might drop as low as $0.26 or $0.25 if sellers are successful in holding it below the $0.29 support level. If the $0.29 level is breached, the resistance levels at $0.29 and $0.30 will be examined.
ADA/USD Medium-term Trend: Bearish.
The 4-hour chart for Cardano shows the commencement of a downward trend. A double bottom pattern appeared on the chart at the $0.23 support level. Yesterday, there was a hypothetical case when Sellers refused to comply with the purchasers’ attempt to increase the price. The market is currently controlled by sellers, and the $0.29 barrier has been broken. It is heading for the support level of $0.28.
A bearish indication is created by the price of Cardano now trading below both the 9-period and 21-period exponential moving averages. A selling signal with a signal line at level 46 has caused the present decline in the relative strength index period 14, which may be a bearish trend.
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