Cardano Price May Decline Below $0.83 Mark

Sellers’ pressure increase in Cardano market

ADA Price Analysis – 24 December

Cardano may attempt to test the support levels of $0.77 and $0.68 if they can keep the price below the $0.83 barrier. If the $0.94 barrier is overcome, the $1.05 and $1.14 resistance levels will be taken into account.

Key Levels:

Resistance levels: $0.94, $1.05, $1.14

Support levels: $0.83, $0.77, $0.68

ADA/USD Long-term Trend: Bearish

The daily chart for Cardano shows a downward trend. On December 03, the chart showed a double top formation near the resistance level of $1.32. The price first encountered resistance at the expected level of $1.32 after attempting to break through the previously established barrier level. Nevertheless, the coin was unable to surpass the level that was originally predicted. The daily chart showed a bearish candle pattern. Bearish candles appeared after testing the $1.14 barrier level. Since December 3, there has been negative activity. The price broke through the $1.05 barrier level and is now testing the $0.83 level.

The Cardano market appears to be firmly under the bears’ control. Given that Cardano is dropping more quickly than the Hull Suite forex signals indicator, bears are currently controlling the market. Cardano may attempt to test the support levels of $0.77 and $0.68 if they can keep the price below the $0.83 barrier. If the $0.94 barrier is overcome, the $1.05 and $1.14 resistance levels will be taken into account.

ADA/USD Medium-term Trend: Bearish

Cardano’s 4-hour chart indicates a declining trend. In recent weeks, there have been two failed attempts to break over the $1.31 4-hour chart’s resistance level. As selling momentum grew and more bears than bulls entered the market, ADA’s value fell to about $0.94. When the currency returned to the predetermined level, a bearish engulfing candle emerged, indicating that sellers are defending the level. The price right now is about $0.83.

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

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