Cardano Price Is Gaining Strength

Bulls are increasing

ADA Price Analysis – 06 May

 Cardano may attempt testing the resistance scenarios of $0.77 and $0.81 if they are able to keep the price above the $0.74 hedge. If the $0.69 hedge is translated, the $0.64 and $0.50 support options will be taken into account.

Key Levels:

Resistance levels: $0.74, $0.77. $0.81

Support levels: $0.69, $0.64, $0.50

ADA/USD Long-term Trend: Bullish

The daily time period for Cardano shows an upward trend. On January 3, the chart showed a double top conformation close to the $1.26 resistance level. Prior to establishing support near the anticipated $0.69 level, the price attempted to breach the first hedging position that was established. But the coin overcomes the first expected barrier. The daily map showed a bearish candle pattern. Bearish wicks were found when the $0.69 hedging position was analyzed. Since January 3, there has been negative exertion. After breaking the $0.69 hedging position, the price tested $0.50. Right now, it’s trying to recover, getting close to $0.74.

The Cardano request seems to be firmly in the bulls’ grasp. Buyers are responding to the request because Cardano is currently rising above the Hull Suite forex signals index more fast. Cardano may attempt testing the resistance scenarios of $0.77 and $0.81 if they are able to keep the price above the $0.74 hedge. If the $0.69 hedge is translated, the $0.64 and $0.50 support options will be taken into account.

ADA/USD Medium-term Trend: Bullish

The 4-hour chart by Cardano indicates a tendency toward inclination. In recent weeks, there have been two unsuccessful attempts to break below the 4-hour time frame support level at $0.50. As more bulls than bears filed petitions and copping instigation rose, the ADA’s value is rising to about $0.64. When the currency got close to the target level, a bullish engulfing candle appeared, indicating that buyers are clinging to their position. The price is currently increasing and getting close to $0.74.

The QQE MOD index, a reliable source of forex signals, is above the zero line and providing a buying signal, and the price of Cardano is currently above the Hull Suite Crypto points.

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