Cardano Price May Continue a Bearish Trend

Cardano under sellers’ control

ADA Price Analysis – 17 December

 If Cardano can maintain the price below the $1.05 barrier, they might try testing the support levels at $0.94 and $0.83. The $1.17 and $0.31 resistance levels will be considered if the $1.14 barrier is broken.

Key Levels:

Resistance levels: $1.14, $1.17, $1.31

Support levels: $1.05, $0.94, $0.83

ADA/USD Long-term Trend: Bearish

Cardano’s daily chart indicates a declining trend. The chart displayed a double bottom formation on September 27th, close to the $0.577 support level. After trying to breach the previously set barrier level, the price initially ran into opposition at the anticipated level of $1.32. However, the coin failed to break through the previously indicated level. A bearish candle pattern was displayed on the daily chart. After testing the $1.32 barrier level, bearish candles emerged. There has been negative activity since December 03. The price is currently testing the $0.94 level after breaking through the $1.05 barrier level.

The bears seem to have a firm hold on the Cardano market. Bears are currently in charge of the market since Cardano is declining faster than the Hull Suite forex signals indicator. If Cardano can maintain the price below the $1.05 barrier, they might try testing the support levels at $0.94 and $0.83. The $1.17 and $0.31 resistance levels will be considered if the $1.14 barrier is broken.

ADA/USD Medium-term Trend: Bearish

The 4-hour chart for Cardano shows a downward trend. Two unsuccessful efforts to break above the resistance level of the $1.31 4-hour chart have occurred in recent weeks. ADA’s value dropped to around $0.94 as selling momentum increased and more bears than bulls entered the market. The bearish engulfing candle that appeared when the currency fell back towards the predefined level suggests that sellers are defending the previously specified level. The current price is approximately $1.05.

The best forex signal source, the QQE MOD indicator, is below the zero line and displaying a selling signal, while Cardano’s price is currently below the Hull Suite Crypto indicators.

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