Cardano Price Pulls Back at $0.46 Support Level

Azeez Mustapha


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Buyers oppose sellers at $0.46 level

ADA Price Analysis – 09 January

Cardano may drop as low as $0.46 or $0.41 if sellers can keep it below the $0.50 support level. If the $0.54 barrier is breached, the resistance levels at $0.59 and $0.65 will be examined

Key Levels:

Resistance levels: $0.54, $0.59, $0.65

Support levels: $0.50, $0.46, $0.41

ADA/USD Long-term Trend: Bearish

Cardano’s daily chart indicates a fallen trend. On December 13, the price topped at the resistance level of $0.68. Short after that, it consolidates within $0.65 and $0.59 levels. The previous high was retested on December 28 which established a double top chart pattern. It showed an obvious bearish reversal pattern at the $0.68 resistance level. As the market started to fall, levels of support between $0.54 and $0.59 became levels of resistance. The $0.46 support level was tested yesterday and pulled back.

The fact that Cardano is trading below Hull Suite indicator suggests that bears are in charge of the market. Cardano may drop as low as $0.46 or $0.41 if sellers can keep it below the $0.50 support level. If the $0.54 barrier is breached, the resistance levels at $0.59 and $0.65 will be examined.

ADA/USD Medium-term Trend: Bullish

Cardano’s 4-hour chart indicates an upward trend. On the 4-hour chart, it tested the $0.68 resistance level last two weeks before pulling back. The $0.46 barrier was retested as the bears defeated the bulls and the downward trend could not continue. The coin bounced up to retest $0.54 resistance level. Bullish movement may continue.

A bullish market is indicated by the fact that Cardano’s price is now trading above Hull Suite indicator. Taking into account that the present rise in the QQE MOD indicator above zero level with a buying signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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