Cardano Price May Reverse at $0.52 Level

Bulls are preparing to take over

ADA Price Analysis –08 July

 If Cardano can maintain the price above the $0.58 hedge, they can try testing the resistance potential of $0.59 and $0.72. The $0.51 and $0.50 support alternatives will be considered if the $0.52 hedge is translated.

Key Levels:

Resistance levels: $0.58, $0.59, $0.72

Support levels: $0.52, $0.51, $0.50

ADA/USD Long-term Trend: Bearish

Cardano’s daily time period indicates a declining trend. The chart displayed a double top pattern near the $0.72 resistance level on May 23. The price tried to break through the initial hedging position that was constructed before finding support close to the expected $0.59 level. However, the coin gets past the first anticipated obstacle. A bearish candle pattern was displayed on the daily map. Analysis of the $0.59 hedging position revealed bearish wicks. There has been a negative effort since June. The price is currently trying to bounce up from the $0.52 position.

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The bears appear to have a firm hold on the Cardano request. Sellers are getting what they want because Cardano is currently moving below the Hull Suite forex signals indicator more swiftly. If Cardano can maintain the price above the $0.58 hedge, they can try testing the resistance potential of $0.59 and $0.72. The $0.51 and $0.50 support alternatives will be considered if the $0.52 hedge is translated.

ADA/USD Medium-term Trend: Bullish

The 4-hour chart of Cardano shows a propensity for incline. Two failed efforts to penetrate the 4-hour time frame’s support level at $0.52 have occurred in recent weeks. As copping instigation increased and more bears than bulls filed petitions, the ADA’s value dropped to $0.0.52. A bullish engulfing candle formed as the currency approached the target level, indicating that buyers are preparing to take possession.

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Cardano is currently trading above and around the Hull Suite Crypto points, the QQE MOD index, a trustworthy source of forex indicators, is above the zero line and suggesting a bullish signal.

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