Cardano Price Enters Demand Zone at $0.33 Level

Sellers’ momentum increases in Cardano market

ADA Price Analysis – 03 August

 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 $0.45 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 pulling down to test the $0.33 barrier level.

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The bears appear to have a good grip on the Cardano market. As bears attempt to take control of the market, Cardano is presently trading 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. It has attempted twice in recent weeks in vain to breach the resistance level shown by the $0.40 4-hour chart. ADA increased in value, moving closer to the $0.42 level as buying momentum increased and more bulls than bears entered the market. Sellers are holding the bearish engulfing candle that appeared after the currency rebounded off the predetermined level. As of right now, the price has dropped toward $0.33 level.

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A selling market may be indicated by the fact that Cardano’s price is presently trading below the Hull Suite Crypto indicators. Given 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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