Cardano Price Increases Towards Previous High at $0.68 Level

Bulls’ pressure increases in cardano market

ADA Price Analysis – 20 February

 Cardano may soar as high as $0.68 or $0.70 levels if buyers can keep it above the $0.64 barrier level. If the $0.61 barrier is breached, the support levels at $0.58 and $0.56 will be examined

Key Levels:

Resistance levels: $0.64, $0.68, $0.70

Support levels: $0.61, $0.58, $0.56

ADA/USD Long-term Trend: Bullish

The daily chart for Cardano shows a rising trend. On January 25, the price reached its support at the $0.45 barrier. It found a stable range of $0.45 to $0.48 quite soon. A double bottom pattern was shown on the chart when the previous low was retested. At the $0.45 barrier level, a blatant bullish reversal pattern was observed as the market started to rise toward the $0.64 mark. The price is currently returning to its previous high of $0.64.

Cardano is trading above the Hull Suite indicator, which suggests that bulls are in charge of the market at the moment. Cardano may soar as high as $0.68 or $0.70 if buyers can keep it above the $0.64 barrier level. If the $0.61 barrier is breached, the support levels at $0.58 and $0.56 will be examined.

ADA/USD Medium-term Trend: Bullish

Cardano’s 4-hour chart indicates an increasing trend. On the 4-hour chart, it had tried to break above the $0.58 resistance level over the previous two weeks, but it had pulled back. As the bulls overpowered the bears, the trend improved and ADA rise to $0.61. Buyers are holding onto the $0.61 level after the cryptocurrency gained following the development of a bullish engulfing candle. The price is currently attempting to overcome the $0.64 resistance level.

A good market is indicated by the fact that Cardano’s price is now trading above the Hull Suite Crypto signals. Considering that the best forex signal QQE MOD indicator, which is presently above the zero line, indicates a buy signal.

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