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Buyers may dominate Cardano market soon
ADA Price Analysis – 04 June
If buyers can maintain the price above the $0.46 barrier, Cardano can try to test the resistance levels at $0.51 and $0.57. The support levels of $0.44 and $0.399 will be taken into consideration if the $0.45 barrier is broken.
Key Levels:
Resistance levels: $0.46, $0.51, $0.57
Support levels: $0.45, $0.44, $0.399
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 bottom pattern. The price initially faced resistance from the anticipated first level, but it eventually overcame it. On the daily chart, there was a bearish candle pattern. Bearish candles occurred last week, and the $0.46 support level became a resistance level. The price is falling in the direction of the previous low, which was $0.44.Right now, bears are in control of the Cardano market.
Since Cardano is currently trading slightly above the Hull Suite forex signals indicator, bulls are trying to in control of the market. If buyers can maintain the price above the $0.46 barrier, they 4can try to test the resistance levels at $0.51 and $0.57. The support levels of $0.44 and $0.399 will be taken into consideration if the $0.45 barrier is broken.
ADA/USD Medium-term Trend: Bullish
The 4-hour chart for Cardano shows an inclining trend. In the last two weeks, it has attempted twice in vain to break below the $0.44 support level on the 4-hour chart. ADA dropped and tested the $0.44 barrier 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. Right now, the price is repelling from the support level of $0.45.
The fact that Cardano’s price is currently trading above the Hull Suite Crypto indications could be a sign of a buying market. Considering that the QQE MOD indicator, the top source of forex signals, is presently showing a buying signal and is above the zero line.
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