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Sellers are increasing in Cardano market
ADA Price Analysis – 23 January
Cardano may drop as low as $0.34 or $0.27 if sellers can keep it below the $0.41 support level. If the $0.46 barrier is breached, the resistance levels at $0.50 and $0.54 will be examined
Key Levels:
Resistance levels: $0.46, $0.50, $0.54
Support levels: $0.41, $0.34, $0.27
ADA/USD Long-term Trend: Bearish
Cardano’s daily chart indicates a downward trend. On January 11, the price reached its highest point at the $0.59 barrier. It rapidly found a stable position between $0.54 and $0.59. A double-top pattern in the chart was established when the previous high was retested. At the $0.54 barrier level, it showed an obvious bearish reversal pattern. As the market started to fall, levels of support between $0.50 and $0.46 changed into levels of resistance. The $0.46 support level was tested and then it was broken yesterday. Bearish pressure is rising right now toward $0.41 support level.
Given that Cardano is trading below the Hull Suite indicator, it seems that bears are in charge of the market. The price may drop as low as $0.34 or $0.27 if sellers can keep it below the $0.41 support level. If the $0.46 barrier is breached, the resistance levels at $0.50 and $0.54 will be examined.
ADA/USD Medium-term Trend: Bearish
Cardano’s 4-hour chart indicates a downward trend. On the 4-hour chart, it tested the $0.59 resistance level over the last two weeks before pulling back. The $0.46 barrier was retested as the bears defeated the bulls and the falling trend was reversed. The coin made a comeback to challenge the $0.54 resistance level once more. The bearish trend started when the positive trend could not continue.
A negative market is indicated by the fact that Cardano’s price is presently trading below the Hull Suite indicator. Taking into account that there is currently a selling signal as the QQE MOD indicator is dropping below the zero line.
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