Cardano Price Is Retracing Towards $0.94 Zone

Sellers’ pressure decrease in Cardano market

ADA Price Analysis – 02 January

 If Cardano can maintain the price below the $0.83 barrier, they might try to test the support levels of $0.77 and $0.68. The $1.05 and $1.14 resistance levels will be considered if the $0.94 barrier is broken.

Key Levels:

Resistance levels: $0.94, $1.05, $1.14

Support levels: $0.83, $0.77, $0.68

ADA/USD Long-term Trend: Bearish

Cardano’s daily chart indicates a declining trend. The chart displayed a double top formation on December 3rd, close to the $1.32 resistance level. After trying to breach the previously set barrier level, the price initially ran into opposition at the anticipated level of $1.32. However, the coin was unable to rise over the first forecast level. A bearish candle pattern was displayed on the daily chart. After testing the $1.14 barrier level, bearish candles emerged. Negative activity has been present since December 3. The price is currently pulling back towards $0.94 level after testing the $0.83 barrier level.

The bears seem to have a firm hold on the Cardano market. Bears are currently in charge of the market since Cardano is declining faster than the Hull Suite forex signals indicator. If Cardano can maintain the price below the $0.83 barrier, they might try to test the support levels of $0.77 and $0.68. The $1.05 and $1.14 resistance levels will be considered if the $0.94 barrier is broken.

ADA/USD Medium-term Trend: Bullish

The 4-hour chart for Cardano shows an upward trend. Two unsuccessful efforts to break above the resistance level of the $1.31 4-hour chart occurred in recent weeks. ADA’s value dropped to roughly $0.94 as selling momentum increased and more bears than bulls entered the market. A bearish engulfing candle appeared when the currency reached the predefined level again, suggesting that sellers are defending the level. At the moment, the price is retracing towards $0.94 level.
The best forex signal source, the QQE MOD indicator, is above the zero line and displaying a buying signal, while Cardano’s price is currently above the Hull Suite Crypto indicators.

Start using a world-class auto trading solution

You can purchase Lucky Block here. Buy LBLOCK