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Cardano price may reduce to $0.33
ADA Price Analysis – 18 June
If buyers can hold the price above the $0.37 barrier, they can try to test the resistance levels at $0.39 and $0.42. The support levels of $0.33 and $0.30 will be taken into consideration if the $0.35 barrier is broken.
Key Levels:
Resistance levels: $0.37, $0.39, $0.42
Support levels: $0.35, $0.33, $0.30
ADA/USD Long-term Trend: Bearish
Cardano’s daily chart indicates a declining trend. At the $0.458 support level on April 13, the chart showed a double top pattern. The anticipated first level initially offered resistance, but the price overcame it in the end. On the daily chart, there was a bearish candle pattern. Bearish candles occurred last week, and the $0.42 support level became a resistance level. The price is falling toward the previous low of $0.35.
Cardano market is now controlled by bears. Cardano is currently trading just below the Hull Suite forex signals indicator, which indicates that bears are trying to take the market by storm. If buyers can hold the price above the $0.37 barrier, they can try to test the resistance levels at $0.39 and $0.42. The support levels of $0.33 and $0.30 will be taken into consideration if the $0.35 barrier is broken.
ADA/USD Medium-term Trend: Bearish
The 4-hour chart for Cardano shows a downward trend. In the last two weeks, it has attempted twice in vain to break through the $0.42 support level on the 4-hour chart. ADA dropped and challenged the $0.37 mark as selling gained momentum and more bears than bulls entered the market. The bearish engulfing candle that appeared when the coin reached the predefined level is being held by sellers. The $0.35 support level is in the path of the price.
The fact that Cardano’s price is currently trading below the Hull Suite Crypto indications could be a sign of a selling market. Considering that the QQE MOD indicator, the top source of forex signals, is presently showing a selling signal and is below the zero line.
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