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Sellers in the Cardano market are increasing
ADA Price Analysis – 28 May
Buyers may attempt to test the resistance levels at $0.488 and $0.507, provided they can keep Cardano above the $0.476 barrier. If the $0.458 barrier is breached, consideration will be given to the support levels of $0.419 and $0.399
Key Levels:
Resistance levels: $0.476, $0.488, $0.507
Support levels: $0.458, $0.419, $0.399
ADA/USD Long-term Trend: Bearish
The daily chart for Cardano shows a downward trend. On April 13, the chart displayed a double bottom pattern at the $0.458 support level. The expected first level was a barrier for the price, but it finally broke through. There was a bearish candle pattern on the daily chart. Last week, there were bearish candles, and the $0.476 support level turned into a resistance level. The price is reducing towards the former low level at $0.419.As of right moment, the Cardano market is controlled by bears.
Bears are in charge of the market because Cardano is presently trading below the Hull Suite forex signals indicator. Buyers may attempt to test the resistance levels at $0.488 and $0.507, provided they can keep the price above the $0.476 barrier. If the $0.458 barrier is breached, consideration will be given to the support levels of $0.419 and $0.399.
ADA/USD Medium-term Trend: Bearish
Cardano’s 4-hour chart indicates a fallen trend. It has made two futile attempts in the previous two weeks to break below the 4-hour chart’s $0.419 support level. As the sellers got traction and more bears than bulls entered the market, ADA decreased and tested the $0.419mark. Sellers are holding the bearish engulfing candle that emerged when the coin hit the predetermined level. The price is currently very close to the recent low of $0.419 today.
A selling market may be indicated by the fact that Cardano’s price is currently trading below the Hull Suite Crypto indicators. Taking into account that the best forex signal provider, the QQE MOD indicator, is currently below the zero line and displaying a selling signal.
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