Cardano Price Retracement Is Ongoing

Price may retest $0.64 position

ADA Price Analysis – 20 May

Cardano may attempt testing the resistance scenarios of $0.77 and $0.90 if they are able to keep the price above the $0.74 hedge. If the $0.70 hedge is translated, the $0.64 and $0.59 support options will be taken into account.

Key Levels:

Resistance levels: $0.74, $0.77. $0.90

Support levels: $0.70, $0.64, $0.59

ADA/USD Long-term Trend: Bearish

The daily time period for Cardano is trending downward. Last month, the chart showed an inverted head and shoulder formation close to the $0.50 support level. Prior to finding support near the anticipated $0.64 level, the price attempted to breach the initial hedging position. But the coin overcomes the first expected barrier. The daily map showed a bullish candle pattern. Bullish wicks were found when the $0.64 hedging position was analyzed. Since April, there has been positive effort. After breaking the $0.64 hedging position, the price tested $0.74. With the development of a bearish engulfing candle pattern, it bounced back and is now close to $0.70.

The Cardano request seems to be firmly in the bears’ grasp. Sellers are responding to the request as a result of Cardano’s recent, quicker ascent over the Hull Suite forex signals index. Cardano may attempt testing the resistance scenarios of $0.77 and $0.90 if they are able to keep the price above the $0.74 hedge. If the $0.70 hedge is translated, the $0.64 and $0.59 support options will be taken into account.

ADA/USD Medium-term Trend: Bearish

The 4-hour chart by Cardano indicates a tendency toward declination. In recent weeks, there have been two unsuccessful attempts to break above the 4-hour time frame resistance level at $0.74. As more bears than bulls filed petitions and copping instigation grew, the ADA’s value is falling to about $0.70. When the currency got close to the target level, a bearish engulfing candle appeared, indicating that sellers are clinging to their position. The price is currently decreasing and getting close to $0.70.

The QQE MOD index, a reliable source of forex indications, is below the zero line and providing a selling signal, while the price of Cardano is presently bellow the Hull Suite Crypto points.

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