Cardano Price Is Trying to Break Up $1.14 Zone

Buyers’ pressure increasing in Cardano market

ADA Price Analysis – 07 January

Cardano may attempt to test the resistance levels of $1.22 and $1.32 if they can keep the price above the $1.14 barrier. If the $1.05 barrier is broken, the $0.94 and $0.83 support levels will be taken into account

Key Levels:

Resistance levels: $1.14, $1.22, $1.32

Support levels: $1.05, $0.94, $0.83

ADA/USD Long-term Trend: Bullish

The daily chart for Cardano shows an upward trend. On January 01, the chart showed a double bottom chart formation at the support level of $0.83. The price first encountered resistance at the expected level of $0.94 after attempting to break through the previously established barrier level. The coin, however, surpass the initial anticipated threshold. The daily chart showed a bullish candle pattern. Bullish candles appeared after testing the $0.94 barrier level. Since January 3, there has been positive activity. After testing the $1.05 barrier level, the price is now targeting $1.14 level.

The Cardano market appears to be firmly under the bulls’ control. Given that Cardano is increasing more quickly than the Hull Suite forex signals indicator, bulls are currently controlling the market. Cardano may attempt to test the resistance levels of $1.22 and $1.32 if they can keep the price above the $1.14 barrier. If the $1.05 barrier is broken, the $0.94 and $0.83 support levels will be taken into account.

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ADA/USD Medium-term Trend: Bullish

Cardano’s 4-hour chart indicates an increasing trend. In recent weeks, there have been two failed attempts to break below the $0.83 4-hour chart’s support level. As buying momentum grew and more bulls than bears entered the market, ADA’s value rise to about $1.14. When the currency reached to the predetermined level, a bullish engulfing candle emerged, indicating that buyers are defending the level. The price is currently increasing towards the $1.14 mark.
Cardano’s price is currently above the Hull Suite Crypto indicators, and the QQE MOD indicator, the best forex signal source, is above the zero line and showing a buying signal.

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