Cardano Price May Rebound at $0.28 Support Level

Buyers may take over Cardano market

ADA Price Analysis – 13 August

 If buyers can hold the price above the $0.35 barrier, they can try to test the resistance levels at $0.37 and $0.40. The support levels of $0.30 and $0.28 will be taken into consideration if the $0.33 barrier is broken.

Key Levels:

Resistance levels: $0.35, $0.37, $0.40

Support levels: $0.33, $0.30, $0.28

ADA/USD Long-term Trend: Bearish

Cardano’s daily chart indicates a declining trend. On July 17, the chart showed a double top formation near the $0.45 resistance level. After first encountering resistance at the anticipated initial level of $0.37, the price tested the resistance level of $0.45. However, the price gradually recovers. On the daily chart, there was a bearish candle pattern. Bearish candles have been present for the past two weeks, and the $0.28 support level has finally been put to the test. Right now, the price is retracing to test the resistance level at $0.35.

The cryptocurrency market appears to be firmly in the bears’ grasp. Currently, Cardano is trading slightly below the Hull Suite forex signals indicator as bears try to take control of the market. If buyers can hold the price above the $0.35 barrier, they can try to test the resistance levels at $0.37 and $0.40. The support levels of $0.30 and $0.28 will be taken into consideration if the $0.33 barrier is broken.

ADA/USD Medium-term Trend: Bearish

The 4-hour chart for Cardano shows a declining trend. In the last few weeks, it has attempted twice in vain to break above the resistance level shown by the $0.45 4-hour chart. ADA dropped and challenged the $0.28 mark as selling gained momentum and more bears than bulls entered the market. The bearish engulfing candle that appeared when the coin reached the predefined level is being held by sellers. Right now, the price is retracing towards $0.35 level.

The fact that Cardano’s price is currently trading below the Hull Suite Crypto indications could be a sign of a selling market. Considering that the QQE MOD indicator, the top source of forex signals, is presently showing a selling signal and is below the zero line.

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