Cardano Price Increasing to Break Up $0.35 Level

Buyers are taking over Cardano market

ADA Price Analysis – 20 August

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.

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 $0.45 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 the price starts to rise again. There was a bearish candle pattern on the daily chart. For the last two weeks, there have been bearish candles, and now the $0.28 support level is being tested. The price is currently retracing to test the $0.35 resistance level.

The bears appear to have a firm hold on the Cardano market. As bears attempt to grab the market, Cardano is currently trading marginally below 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: Bullish

Cardano’s 4-hour chart indicates an upward trend. It has made two futile attempts in the past few weeks to break below the support level shown by the $0.33 4-hour chart. As buying gathered traction and more bulls than bears entered the market, ADA rise towards the $0.35 threshold. Buyers are holding the bullish engulfing candle that surfaced when the coin bounce from predetermined level. The price is currently increasing towards the $0.35 mark.

A buying market may be indicated by the fact that Cardano’s price is presently trading above the Hull Suite Crypto indicators. Taking into account that the leading forex signal provider, the QQE MOD indicator, is currently displaying a buying signal and is above the zero line.

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