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Buyers pressure may be opposed in Cardano market
ADA Price Analysis – 12 March
If purchasers can maintain it over the $0.78 barrier level, Cardano may rise to $0.87 or $0.96 levels. The support levels at $0.70 and $0.68 will be looked at if the $0.74 barrier is broken.
Key Levels:
Resistance levels: $0.78, $0.87, $0.96
Support levels: $0.74, $0.70, $0.68
ADA/USD Long-term Trend: Bullish
Cardano’s daily chart indicates an upward trend. The $0.68 barrier served as the price’s support on February 29. It quickly discovered a steady range of $0.68 to $0.70. The chart displayed a bullish engulfing candle pattern when the previous bottom was retested. A clear bullish reversal pattern was seen at the $0.68 barrier level. When the market began to surge and approach $0.74. Right now, the price is rising back to the previous high of $0.78.
Given that Cardano is currently trading above the Hull Suite forex signals indicator, bulls are in control of the market. If purchasers can maintain it over the $0.78 barrier level, the price may rise to $0.87 or $0.96 levels. The support levels at $0.70 and $0.68 will be looked at if the $0.74 barrier is broken.
ADA/USD Medium-term Trend: Bullish
The 4-hour chart for Cardano shows a rising trend. In the previous two weeks, it had attempted to break above the $0.70 resistance level on the 4-hour chart, but it had retreated. The trend improved and the ADA increased to $0.74 as the number of bulls exceeded that of bears. The bullish engulfing candle that appeared when the cryptocurrency increased to the indicated level is being held onto by buyers. Right now, the price is trying to break through the $0.78 barrier.
The fact that Cardano’s price is currently trading above the Hull Suite Crypto indicators suggests a favorable market. Considering that the QQE MOD indicator, which provides the finest forex signal, is presently above the zero line and giving a buy signal.
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