Cardano Price: Sellers Are Clinging to Their Position

Cardano market moving down toward $0.69 position

ADA Price Analysis – 11 March

 Cardano may attempt testing the resistance scenarios of $1.14 and $1.61 if they are able to keep the price above the $0.90 hedge. If the $0.69 hedge is translated, the $0.64 and $0.59 support options will be taken into account.

Key Levels:

Resistance levels: $0.90, $1.14, $1.61

Support levels: $0.69, $0.64, $0.59

ADA/USD Long-term Trend: Bearish

The daily time period for Cardano shows a downward trend. On January 3, the chart showed a double top conformation close to the $1.26 resistance level. The price first found support near the anticipated $0.90 level after attempting to breach the first hedging position that was established. Nevertheless, the coin overcomes the first expected barrier. The daily map showed a bearish candle pattern. Bearish wicks were found when the $0.90 hedging position was analyzed. Since January 3, there has been negative exertion. The price broke the $0.90 hedging position and is now moving down toward the $0.69 position.

The Cardano request seems to be firmly in the bears’ grasp. Since Cardano is trending more quickly in the direction below the Hull Suite forex signals index, merchandisers are currently answering the request. Cardano may attempt testing the resistance scenarios of $1.14 and $1.61 if they are able to keep the price above the $0.90 hedge. If the $0.69 hedge is translated, the $0.64 and $0.59 support options will be taken into account.

ADA/USD Medium-term Trend: Berarish

Cardano’s 4-hour chart indicates a tendency toward decline. In recent weeks, there have been two unsuccessful efforts to break over the resistance level at $1.14 on a 4-hour time frame. As more bears than bulls filed petitions and copping instigation rose, the ADA’s value fell to about $0.90. When the currency got close to the target level, a bearish engulfing candle developed, indicating that sellers are clinging to their position. The price is currently declining and getting close to $0.69.

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

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