Cardano market under buyers’ control
ADA Price Analysis – 27 February
If buyers can maintain it over the $0.64 barrier level, Cardano may rise as far as $0.68 or $0.70. The support levels at $0.58 and $0.56 will be considered if the $0.61 barrier is broken.
Key Levels:
Resistance levels: $0.64, $0.68, $0.70
Support levels: $0.61, $0.58, $0.56
ADA/USD Long-term Trend: Bullish
Cardano’s daily chart indicates an upward trend. The $0.56 barrier represented the price’s support on January 25. It quickly discovered a steady range of $0.56 to $0.48. When the previous low was retested, the chart displayed a double bottom pattern. A clear bullish reversal pattern was seen at the $0.56 barrier level. As the market began to move up and approach $0.64. Right now, the price is rising back to $0.64, the previous high.
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Given that Cardano is currently trading above the Hull Suite indicator, it appears that bulls are currently in control of the market. If buyers can maintain it over the $0.64 barrier level, the price may rise as far as $0.68 or $0.70. The support levels at $0.58 and $0.56 will be considered if the $0.61 barrier is broken.
ADA/USD Medium-term Trend: Bullish
The 4-hour chart for Cardano shows an upward trend. Over the previous two weeks, it had attempted to break above the $0.58 resistance level on the 4-hour chart, but it had retreated. The trend improved and the ADA increased to $0.61 as the bulls overpowered the bears. The bullish engulfing candle that developed after the cryptocurrency gained is being held onto by buyers at the $0.61 mark. Right now, the price is trying to break over the $0.64 barrier level.
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The fact that Cardano’s price is currently trading above the Hull Suite Crypto signals suggests a favorable market. Considering that a buy signal is being indicated by the QQE MOD indicator, the best forex signals, which is currently above the zero line.
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