Cardano Price: Further Decrease Is Possible

Bears are dominating Cardano market

ADA Price Analysis – 30 July

 If buyers can hold Cardano above the $0.42 barrier, they can try to test the resistance levels at $0.45 and $0.48. The support levels of $0.37 and $0.35 will be taken into consideration if the $0.40 barrier is broken.

Key Levels:

Resistance levels: $0.42, $0.45, $0.48

Support levels: $0.40, $0.37, $0.35

ADA/USD Long-term Trend: Bearish

Cardano’s daily chart indicates a declining trend. On July 5, the chart showed a double bottom formation near the $0.33 support level. Despite first encountering resistance at the anticipated initial level of $0.37 and testing the resistance level of $0.45, the price eventually broke through. On the daily chart, there was a bearish candle pattern. Bearish candles have been present for the past two weeks, and the $0.42 support level is now a level of resistance. Right now, the price is testing the $0.40 support level.

Bears appear to have a firm grip on the Cardano market. Cardano is currently trading slightly below the Hull Suite forex signals indicator as bears try to take control of the market. If buyers can hold the price above the $0.42 barrier, they can try to test the resistance levels at $0.45 and $0.48. The support levels of $0.37 and $0.35 will be taken into consideration if the $0.40 barrier is broken.

ADA/USD Medium-term Trend: Bearish

The 4-hour chart for Cardano shows a declining trend. In the last two weeks, it has attempted twice in vain to break through the resistance level of the $0.45 4-hour chart. ADA can drop and test the $0.37 mark as selling gained momentum and more bears than bulls entered the market. The bearish engulfing candle that appeared when the coin reached the predefined level is being held by sellers. Right now, the price is getting close to $0.40.

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 finest source of forex signals, the QQE MOD indicator, is presently showing a selling signal and is below the zero line.

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