Cardano Price Increases May Break Up $0.64 Level

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.

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.

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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