Cardano Price May Reverse at $0.51 Level

Buyers are gaining momentum

ADA Price Analysis – 11 November

 Cardano may attempt to test the resistance potential of $0.64 and $0.69 if they are able to keep the price above the $0.59 hedge. If the $0.54 hedge is translated, the $0.51 and $0.48 support options will be taken into account.

Key Levels:

Resistance levels: $0.59, $0.64, $0.69

Support levels: $0.54, $0.51, $0.48

ADA/USD Long-term Trend: Bullish

Cardano is getting weaker every day. The chart displayed a double top formation near the $0.98 resistance level on September 13. The price tried to break through the initial hedging position before finding support close to the expected $0.64 level. However, the coin gets past the first anticipated obstacle. A bearish candle pattern was visible on the daily map. Analysis of the $0.64 hedging position revealed bearish wicks. The project has been successful since last week. The price is making another effort to pull back above $0.54.

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The Cardano request seems to be firmly in the hands of the bears. Cardano’s steep decline below the Hull Suite forex signals indicator is not satisfying customers. Cardano may attempt to test the resistance potential of $0.64 and $0.69 if they are able to keep the price above the $0.59 hedge. If the $0.54 hedge is translated, the $0.51 and $0.48 support options will be taken into account.

ADA/USD Medium-term Trend: Bullish

The 4-hour chart for Cardano indicates an inclining trend. The 4-hour time period resistance level at $0.98 has been the target of two failed attempts in recent weeks. The value of the ADA dropped to $0.51 as more bears than bulls filed petitions and copping instigation rose. When the currency got close to $0.48, a bullish engulfing candle appeared, suggesting that buyers were trying to take over the market.

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