Further price decrease envisaged
ADA Price Analysis – 25 November
Cardano may attempt to attack the resistance potential of $0.54 and $0.66 if they are able to keep the price above the $0.48 hedge. If the $0.46 hedge is translated, the $0.40 and $0.34 support options will be taken into account.
Key Levels:
Resistance levels: $0.48, $0.54, $0.66
Support levels: $0.46, $0.40, $0.34
ADA/USD Long-term Trend: Bearish
Cardano is getting weaker every day. The chart displayed a double top formation near the $0.98 resistance level on September 13. The price tried to break through the initial hedging position before building support close to the expected $0.66 level. However, the coin is able to get past the first anticipated obstacle. A bearish candle pattern was visible on the daily map. Analysis of the $0.66 hedging position revealed bearish wicks. The project has been successful since last week. The price is attempting once more to drop below $0.54.
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The Cardano request seems to be in the hands of the bears. Cardano’s precipitous decline below the Hull Suite forex signals indicator has angered customers. Cardano may attempt to attack the resistance potential of $0.54 and $0.66 if they are able to keep the price above the $0.48 hedge. If the $0.46 hedge is translated, the $0.40 and $0.34 support options will be taken into account.
ADA/USD Medium-term Trend: Bearish
The 4-hour chart for Cardano indicates a declining trend. Two attempts to hit the 4-hour time period resistance level at $0.98 have failed in recent weeks. The value of the ADA dropped to $0.48 as more bears than bulls filed applications and copping instigation rose. When the currency got close to $0.48, a bearish engulfing candle appeared, signifying that sellers are in charge of the market.
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