Cardano Price: Sellers Oppose Buyers Again at $0.46 Level

Sellers are ruling Cardano market

ADA Price Analysis – 11 June

Buyers may attempt to test the resistance levels at $0.51 and $0.57 if they can keep Cardano above the $0.46 barrier. If the $0.42 barrier is overcome, the support levels of $0.39 and $0.37 will be taken into account.

Key Levels:

Resistance levels: $0.46, $0.51, $0.57

Support levels: $0.42, $0.39, $0.37

ADA/USD Long-term Trend: Bearish

The daily chart of Cardano shows a downward trend. On April 13, the chart displayed a double bottom pattern at the $0.458 support level. The expected first level provided resistance at first, but the price eventually overcome it. There was a bearish candle pattern on the daily chart. Last week, there were bearish candles, and the $0.46 support level turned into a resistance level. The price is declining in the direction of the $0.42 prior low.

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As of right now, the Cardano market is dominated by bearish. Bulls are attempting to take control of the market because Cardano is now trading just above the Hull Suite forex signals indicator. Buyers may attempt to test the resistance levels at $0.51 and $0.57 if they can keep the price above the $0.46 barrier. If the $0.42 barrier is overcome, the support levels of $0.39 and $0.37 will be taken into account.

ADA/USD Medium-term Trend: Bearish

Cardano’s 4-hour chart exhibits a declining trend. It has made two futile attempts in the past two weeks to breach the 4-hour chart’s $0.42 support level. As selling picked up steam and more bears than bulls entered the market, ADA fell and tested the $0.42 level. Sellers are holding the bearish engulfing candle that surfaced when the coin hit the predetermined level. The price is facing the $0.42 support level.

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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 leading forex signal provider, the QQE MOD indicator, is currently below the zero line and displaying a selling signal.

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