Cardano Price: Sellers Are Defending $0.45 Resistance Level

Sellers may dominate Cardano market

ADA Price Analysis – 23 July

 Buyers may attempt to test the resistance levels at $0.45 and $0.48 if they can keep Cardano above the $0.42 barrier. If the $0.40 barrier is breached, the support levels of $0.37 and $0.35 will be taken into account.

Key Levels:

Resistance levels: $0.42, $0.45, $0.48

Support levels: $0.40, $0.37, $0.35

ADA/USD Long-term Trend: Bearish

The daily chart of Cardano shows a downward trend. The chart displayed a double bottom formation on July 5th, close to the $0.33 support level. The price eventually broke through, despite first running into resistance at the expected first level of $0.37 and the resistance level of $0.45 was tested. There was a bearish candle pattern on the daily chart. For the last two weeks, there have been bearish candles, and the $0.42 resistance level is now a support level. The price is facing $0.40 support level at the moment.

It seems like the Cardano market is firmly in the hands of bears. As bears attempt to control the market, Cardano is currently trading just above the Hull Suite forex signals indicator. Buyers may attempt to test the resistance levels at $0.45 and $0.48 if they can keep the price above the $0.42 barrier. If the $0.40 barrier is breached, the support levels of $0.37 and $0.35 will be taken into account.

ADA/USD Medium-term Trend: Bearish

Cardano’s 4-hour chart exhibits a downward trend. It has made two unsuccessful attempts in the past two weeks to breach the $0.45 4-hour chart resistance level. As selling picked up steam and more bears than bulls entered the market, ADA may fall and test the $0.37 level. sellers are holding the bearish engulfing candle that emerged when the coin hit the predetermined level. The price is currently approaching the $0.40 mark.

A selling market may be indicated by the fact that Cardano’s price is currently trading below the Hull Suite Crypto indicators. Taking into account that the QQE MOD indicator, the best provider of forex signals, is currently below the zero line and displaying a selling signal.

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