Cardano Price May Decrease to Previous Low at $0.54

Price is favoring sellers

ADA Price Analysis – 21 October

 Cardano can attempt testing the resistance potential of $0.76 and $0.81 if they can keep the price above the $0.69 hedge. If the $0.64 hedge is translated, the $0.59 and $0.54 support possibilities will be taken into account.

Key Levels:

Resistance levels: $0.69, $0.76, $0.81

Support levels: $0. $0.64, $0.59, $0.54

ADA/USD Long-term Trend: Bearish

Cardano gets weaker every day. The chart displayed a double top formation near the $0.98 resistance level on September 13. The price tried to break through the first hedging position before locating support close to the expected $0.6 level. However, the coin gets past the first anticipated obstacle. A bearish candle pattern was displayed on the daily map. Analysis of the $0.76 hedging position revealed bearish wicks. The project has been successful since last week. After initially approaching the $0.69 barrier and then retreating, the price is again trying to breach below the $0.64 threshold.

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The Cardano request seems to be firmly in the bears’ grasp. Cardano’s steep decline below the Hull Suite forex signals indicator is not providing customers with what they want. Cardano can attempt testing the resistance potential of $0.76 and $0.81 if they can keep the price above the $0.69 hedge. If the $0.64 hedge is translated, the $0.59 and $0.54 support possibilities will be taken into account.

ADA/USD Medium-term Trend: Bearish

The 4-hour chart for Cardano indicates a declining trend. Two failed attempts to penetrate the 4-hour time period resistance level at $0.98 have occurred in recent weeks. The ADA’s value dropped to $0.64 as more bears than bulls submitted petitions and copping instigation rose. When the currency got close to $0.98, a bearish engulfing candle appeared, signaling that sellers were in charge of the market.

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