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Bears are dominating Cardano market
ADA Price Analysis – 30 April
Buyers may test the resistance levels at $0.47 and $0.48 if they can keep the Cardano above the $0.45 barrier. If the $0.41 barrier is breached, the support levels of $0.34 and $0.30 will come into consideration.
Key Levels:
Resistance levels: $0.45, $0.47, $0.48
Support levels: $0.41, $0.34, $0.30
ADA/USD Long-term Trend: Bearish
The daily chart for Cardano shows a downward trend. On April 13, the chart displayed a double bottom formation at the $0.475 support level. The price encountered resistance at the first predicted level, but it ultimately broke through. There was a bullish candle pattern on the daily chart. Over the past week, there have been strong bullish candles, and the resistance levels at $0.475, $0.487, and $0.505 have turned into support levels. The price rebounded following a test of the $0.50 resistance level. Now, bears are in control of the Cardano market.
Bears are in charge of the market because Cardano is presently trading below the Hull Suite forex signals indicator. Buyers may test the resistance levels at $0.47 and $0.48 if they can keep the price above the $0.45 barrier. If the $0.41 barrier is breached, the support levels of $0.34 and $0.30 will come into consideration.
ADA/USD Medium-term Trend: Bearish
Cardano’s 4-hour chart indicates a falling trend. In the previous two weeks, it had attempted twice in vain to break below the 4-hour chart’s support level of $0.41. As the buy off picks up steam and more bulls than bears entered the market, the ADA increased and tested $0.50 level. Sellers are holding the bearish engulfing candle that emerged when the coin hit the specified level. The price is currently falling toward the previous low level at $0.41.
A selling market is indicated by the fact that the price of Cardano is currently trading below the Hull Suite Crypto indications. Taking into account that the leading forex signals provider, the QQE MOD indicator, is currently below the zero line and displaying a selling signal.
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