Cardano Price: Sellers Are Working Harder, Targeting $0.83 Position

Further price reduction envisaged

ADA Price Analysis – 21 January

 If Cardano can maintain the price above the$ 1.05 hedge, they might try to test the resistance situations of $1.14 and $ 1.22. The $0.83 and $0.76 support situations will be considered if the$ 0.94 hedge is traduced.

Key Levels:

Resistance levels: $1.05, $1.14, $1.22

Support levels: $0.94, $0.83, $0.76

ADA/USD Long-term Trend: Bearish

Cardano’s daily time frame indicates a descending trend. The chart displayed a double top conformation near the $ 1.14 resistance position on January 3. After trying to transgress the preliminarily set hedge position, The price originally ran into resistance at the awaited position of $1.14. Still, the coin bounces off the first anticipated threshold. A bearish candle pattern was displayed on the diurnal map. After probing the$ 1.05 hedge position, bearish candles surfaced. Negative exertion has been  since January 3. The price is presently aiming for the$ 0.94 position after breaking the$ 1.05 hedge position.

The bears feel to have a firm hold on the Cardano request. Merchandisers are presently in charge of the request since Cardano is falling faster than the Hull Suite forex signals index. If Cardano can maintain the price above the$ 1.05 hedge, they might try to test the resistance situations of $1.14 and $ 1.22. The $0.83 and $0.76 support situations will be considered if the$ 0.94 hedge is traduced.

ADA/USD Medium-term Trend: Bearish

The 4- hour map for Cardano shows a downcast trend. Two unprofitable attempts to break above the $1.14 4- hour time frame support position have passed in recent weeks. ADA’s value increased to roughly $1.14 as copping instigation increased and further bulls than bears entered the  request. A bearish engulfing candle appeared as the currency hit the target position, suggesting that merchandisers are defending the position. At the moment, the price is falling approaching $0.94.

The stylish forex signal source, the QQE MOD index, is below the zero line and displaying a selling signal, while Cardano’s price is presently below the Hull Suite Crypto pointers.

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