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Sellers are strategizing in Cardano market
ADA Price Analysis – 07 May
If buyers can hold Cardano above the $0.45 barrier, they may try to test the resistance levels at $0.47 and $0.48. The support levels of $0.34 and $0.30 will be taken into account if the $0.41 barrier is broken.
Key Levels:
Resistance levels: $0.45, $0.47, $0.48
Support levels: $0.41, $0.34, $0.30
ADA/USD Long-term Trend: Bearish
Cardano’s daily chart indicates a declining trend. At the $0.475 support level on April 13, the chart showed a double bottom pattern. At the first anticipated level, the price ran across resistance, but it eventually broke through. On the daily chart, there was a bullish candle pattern. Robust bullish candles have been seen over the last week, and the resistance levels at $0.475, $0.487, and $0.505 have become levels of support. After a test of the $0.50 resistance level, the price decreased. The Cardano market is now being dominated by bears.
Since Cardano is currently trading below the Hull Suite forex signals indicator, bears are in control of the market. If buyers can hold the price above the $0.45 barrier, they may try to test the resistance levels at $0.47 and $0.48. The support levels of $0.34 and $0.30 will be taken into account if the $0.41 barrier is broken.
ADA/USD Medium-term Trend: Bearish
The 4-hour chart for Cardano shows a downward trend. It had made two futile attempts in the last two weeks to break below the $0.41 support level on the 4-hour chart. The ADA rose and tested the $0.50 level as the buyoff gained momentum and more bulls than bears entered the market. The bearish engulfing candle that appeared when the coin reached the designated level is being held by sellers. Right now, the price is approaching the $0.41 prior low level.
The fact that Cardano’s price is currently trading below the Hull Suite Crypto indicators suggests 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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