Sellers Overtake Buyers at $0.42 point
ADA Price Analysis – 20 January
Cardano may try to hit the resistance levels at $0.42 and $0.45 if it can keep the price above the $0.38 barrier. The $0.24 and $0.20 levels will be taken into consideration after the $0.34 support level is shattered
Key Levels:
Resistance levels: $0.38, $0.42, $0.45
Support levels: $0.34, $0.24, $0.20
ADA/USD Long-term Trend: Bearish
After reaching a top of $0.54, Cardano gradually lost momentum. The price created a Head and Shoulder pattern on December 2 close to the $0.54 resistance level. The price tried to break through the first barrier before encountering resistance at the anticipated $0.54 level. Nevertheless, the coin was not able to get beyond this first challenge. The daily chart showed a bearish candlestick pattern. Bearish wicks were seen when looking at the $0.54 resistance level. The project dropped to $0.34. Now that the price has returned to the previously mentioned level, it is making another attempt to cross the $0.24 barrier.
At the moment, bears dominate the Cardano market. Traders are worried about the sudden decrease below the Hull Suite forex signals indicator. Cardano may try to hit the resistance levels at $0.42 and $0.45 if it can keep the price above the $0.38 barrier. The $0.24 and $0.20 levels will be taken into consideration after the $0.34 support level is shattered.
ADA/USD Medium-term Trend: Bearish
Cardano’s 4-hour chart indicates a downward trend. Two unsuccessful attempts to break the $0.54 resistance level on the 4-hour time frame have occurred in recent weeks. The fact that the value of ADA has risen to $0.54 indicates that bulls were influencing the market more than bears that period. A bearish engulfing candle that shows sellers are in control emerged as the price got closer to $0.34.
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