Buyers’ pressure increase in Cardano market
ADA Price Analysis – 05 March
Cardano may increase to $0.87 or $0.96 levels if buyers can keep it over the $0.78 barrier level. If the $0.74 barrier is breached, the $0.70 and $0.68 support levels will be examined.
Key Levels:
Resistance levels: $0.78, $0.87, $0.96
Support levels: $0.74, $0.70, $0.68
ADA/USD Long-term Trend: Bullish
The daily chart for Cardano shows a rising trend. On February 29, the price’s support was at the $0.68 barrier. It found a stable range of $0.68 to $0.70 quite fast. A bullish engulfing candle pattern was shown on the chart when the previous low was retested. At the $0.68 barrier level, a definite bullish reversal pattern was observed. As the market started to rise and go closer to $0.74. The price is currently returning to the prior high of $0.78.
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Bulls are currently in charge of the market because Cardano is presently trading above the Hull Suite forex indicator. The price may increase to $0.87 or $0.96 if buyers can keep it over the $0.78 barrier level. If the $0.74 barrier is breached, the $0.70 and $0.68 support levels will be examined.
ADA/USD Medium-term Trend: Bullish
Cardano’s 4-hour chart indicates a rising trend. It had attempted to break over the 4-hour chart’s $0.70 resistance level during the preceding two weeks, but it had pulled back. As the bulls outnumbered the bears, the trend improved and the ADA rose to $0.74. Buyers are holding onto the bullish engulfing candle that formed after the cryptocurrency rose at the mentioned level. The price is currently attempting to overcome the $0.78 barrier.
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A good market is indicated by the fact that Cardano’s price is currently trading above the Hull Suite Crypto indications. Considering that the best forex signal, the QQE MOD indicator, is currently above the zero line and is indicating a buy signal.
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