Cardano Price: Downtrend Continues After a Retracement

Cardano market under selles’ pressure

ADA Price Analysis – 03 February

 Cardano may try to hit the resistance levels at $0.38 and $0.42 if it can keep the price above the $0.33 barrier. The $0.24 and $0.20 levels will be taken into consideration after the $0.27 support level is broken.

Key Levels:

Resistance levels: $0.33, $0.38, $0.42

Support levels: $0.27, $0.24, $0.20

ADA/USD Long-term Trend: Bearish

Cardano steadily lost steam after peaking at $0.42. The price created a Head and Shoulder pattern on December 2 close to the $0.54 resistance level. The price tried to break through the first barrier before encountering resistance at the anticipated $0.54 level. However, the coin failed to overcome this initial obstacle. The daily chart showed a bearish candlestick pattern. When examining the $0.42 resistance level, bearish wicks were observed. The project’s value fell to $0.27. The price is now attempting to break through the $0.27 barrier once more after returning to the previously stated level.

The Cardano market is now dominated by bears. The abrupt decline below the Hull Suite forex signals indicator has traders concerned. Cardano may try to hit the resistance levels at $0.38 and $0.42 if it can keep the price above the $0.33 barrier. The $0.24 and $0.20 levels will be taken into consideration after the $0.27 support level is broken.

ADA/USD Medium-term Trend: Bearish

Cardano’s 4-hour chart displays a downward trend. In recent weeks, there have been two failed efforts to breach the $0.54 resistance level on the 4-hour time frame. The fact that the value of ADA has increased to $0.54 suggests that during that time, bulls had a greater impact on the market than bears. A bearish engulfing candle, which shows sellers are in control, emerged as the price got closer to $0.27.

The QQE MOD index, a reliable forex indicator, is showing a negative signal and is below the zero line. The fact that Cardano is currently trading below the Hull Suite Crypto points indicates a sell trend.

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