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.
You can purchase Lucky Block here. Buy LBLOCK
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.
