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Buyers are struggling to prevail in Cardano market
ADA Price Analysis – 28 November
Cardano may drop as low as $0.35 or $0.34 if sellers are successful in keeping it below the $0.38 support level. In the event that the $0.40 barrier is breached, the resistance levels at $0.41 and $0.44 will be examined
Key Levels:
Resistance levels: $0.40, $0.41, $0.44
Support levels: $0.38, $0.35, $0.34
ADA/USD Long-term Trend: Bullish
Cardano’s daily chart has shown promise. A definite bullish reversal pattern is formed on the chart at the $0.26 support level. The market started a recovery movement which turned the $0.34 and $0.35 resistance levels functioning as a level of support. A bullish daily candle occurred a few weeks ago, and the price tested the $0.40 mark. The coin’s price had a retracement and is presently trading between $0.40 and $0.38.
Cardano’s oscillation between the 9 and 21-exponential moving averages indicates that it is beginning to retreat. The price may drop as low as $0.35 or $0.34 if sellers are successful in keeping it below the $0.38 support level. In the event that the $0.40 barrier is breached, the resistance levels at $0.41 and $0.44 will be examined.
ADA/USD Medium-term Trend: Bullish
The 4-hour chart for Cardano shows an increasing trend. Last week, it challenged the $0.40 resistance level on the 4-hour chart before retreating. The $0.35 barrier was retested, and at this point, the bulls overcame the bears to resume the bullish trend. If the strength of the bulls grows, the coin will attempt to break beyond the $0.40 mark. It is feasible to overcome the upward barrier level of $0.40.
The price of Cardano is currently lower than the 9- or 21-period exponential moving averages, this is not encouraging. Considering that a retailing signal and a signal line at level 41 are compatible with the current decrease in the relative strength index period 14.
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