Cardano Price: Sellers Interrupt Buyers at $1.14 Zone

Bears holding fast onto Cardano market

ADA Price Analysis – 04 March

 If Cardano can maintain the price above the $0.90 hedge, they might try testing the resistance scenarios of $1.14 and $1.61. The $0.64 and $0.59 support options will be considered if the $0.69 hedge is translated.

Key Levels:

Resistance levels: $0.90, $1.14, $1.61

Support levels: $0.69, $0.64, $0.59

ADA/USD Long-term Trend: Bearish

Cardano’s daily time period indicates a declining trend. Near the $1.26 resistance level, the chart displayed a double top conformation on January 3. After trying to break through the first hedging position that was built, the price first found support close to the expected $0.90 level. However, the coin recovers from the first anticipated obstacle. A bearish candle pattern was displayed on the daily map. Analysis of the $0.90 hedging position revealed bearish wicks. Negative exertion has been present since January 3. The price is currently falling toward the $0.69 position after breaking the $0.90 hedging position.

The bears appear to have a firm hold on the Cardano request. Merchandisers are currently responding to the request since Cardano is trending faster in the direction below the Hull Suite forex signals index. If Cardano can maintain the price above the $0.90 hedge, they might try testing the resistance scenarios of $1.14 and $1.61. The $0.64 and $0.59 support options will be considered if the $0.69 hedge is translated.

ADA/USD Medium-term Trend: Berarish

The 4-hour chart of Cardano shows a propensity for decline. Two failed attempts to break over the resistance level at $1.14 on a 4-hour time frame have occurred in recent weeks. The ADA’s value dropped to roughly $0.90 as more bears than bulls filed petitions and copping instigation increased. A bearish engulfing candle formed when the currency approached the target level, suggesting that sellers are holding onto their position. At the moment, the price is dropping and approaching $0.69.

The price of Cardano is currently below the Hull Suite Crypto points, and the QQE MOD index, a trustworthy source of forex signals, is below the zero line and suggesting a selling signal.

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