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Buyers in the Cardano market are increasing
ADA Price Analysis – 21 May
If buyers can hold Cardano above the $0.507 barrier, they can try to test the resistance levels at $0.520 and $0.544. The support levels of $0.476 and $0.458 will be taken into account if the $0.488 barrier is broken.
Key Levels:
Resistance levels: $0.507, $0.520, $0.544
Support levels: $0.488, $0.476, $0.458
ADA/USD Long-term Trend: Bullish
Cardano’s daily chart indicates an inclining trend. At the $0.458 support level on April 13, the chart showed a double bottom pattern. The price faced resistance at the anticipated first level, but it eventually broke through. On the daily chart, there was a bearish candle pattern. Bearish candles occurred last week, and the support levels at $0.476 and $0.458 changed into resistance levels. Following a breach of the support level at $0.476, the price fell. Right now, bulls are in charge of the Cardano market.
Given that Cardano is currently trading above the Hull Suite forex signals indicator, bulls are in control of the market. If buyers can hold the price above the $0.507 barrier, they can try to test the resistance levels at $0.520 and $0.544. The support levels of $0.476 and $0.458 will be taken into account if the $0.488 barrier is broken.
ADA/USD Medium-term Trend: Bullish
The 4-hour chart for Cardano shows an upward trend. It had attempted twice in the last two weeks in vain to break below the $0.41 support level on the 4-hour chart. The ADA rose and tested the $0.50 mark as the buyback gained momentum and more bulls than bears entered the market. The bullish engulfing candle that appeared when the coin reached the predefined level is being held by buyers. Right now, the price is extremely near to the $0.507 recent high.
The fact that Cardano’s price is currently trading above the Hull Suite Crypto indications could be a sign of a buying market. Considering that the QQE MOD indicator, the top source of forex signals, is now showing a buying signal and is above the zero line.
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