Sellers’ pressure is inreasing in Cardano market
ADA Price Analysis – 08 October
If buyers can hold the price above the $0.402 barrier, they can try to test the resistance levels at $0.422 and $0.449. The support levels of $0.351 and $0.331 will be taken into consideration if the $0.366 barrier is broken.
Key Levels:
Resistance levels: $0.402, $0.422, $0.449
Support levels: $0.366, $0.351, $0.331
ADA/USD Long-term Trend: Bearish
Cardano’s daily chart indicates a declining trend. The chart indicated a double top formation on September 27th, close to the $0.402 resistance level. After initially finding resistance at the anticipated first level of $0.402, price tested the resistance level of $0.402. However, the cost was declining once more. On the daily chart, there was a bearish candle pattern. Over the past two days, bearish candles have been observed, and the support level at $0.366 is currently being broken. Right now, the price is decreasing in an effort to surpass the $0.351 barrier.
The bears seem to have a firm hold on the Cardano market. The market is currently being dominated by bears as Cardano is decreasing faster than the Hull Suite forex signals indicator. If buyers can hold the price above the $0.402 barrier, they can try to test the resistance levels at $0.422 and $0.449. The support levels of $0.351 and $0.331 will be taken into consideration if the $0.366 barrier is broken.
ADA/USD Medium-term Trend: Bearish
The 4-hour chart for Cardano shows a downward trend. It has made two unsuccessful attempts in the last three weeks to break through the resistance level indicated by the $0.402 4-hour chart. The value of ADA fell to about $0.351 when selling momentum surged and more bears than bulls entered the market. The bearish engulfing candle, which emerged when the currency crossed back over the predefined level, is being held by sellers. The price as of right now is roughly $0.366.
Given that Cardano’s price is currently below the Hull Suite Crypto indications, a selling market might be in progress. Considering that the best source of forex signals, the QQE MOD indicator, is showing a selling signal and is currently below the zero line.
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