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Sellers in the Cardano market are intensify pressure
ADA Price Analysis – 14 May
Buyers may attempt to test the resistance levels at $0.47 and $0.48 if they can keep Cardano above the $0.45 barrier. If the $0.41 barrier is breached, consideration will be given to the support levels of $0.34 and $0.30.
Key Levels:
Resistance levels: $0.45, $0.47, $0.48
Support levels: $0.41, $0.34, $0.30
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 $0.475 support level. The price encountered resistance at the first level that was expected, but it ultimately broke through. There was a bearish candle pattern on the daily chart. Last week, there were bearish candles, and the support levels at $0.47, $0.4, turned into levels of resistance. The price dropped following a breakdown of the support level at $0.47. Bears currently control the Cardano market.
Bears are in charge of the market since Cardano is presently trading below the Hull Suite forex signals indicator. Buyers may attempt to test the resistance levels at $0.47 and $0.48 if they can keep the price above the $0.45 barrier. If the $0.41 barrier is breached, consideration will be given to the support levels of $0.34 and $0.30.
ADA/USD Medium-term Trend: Bearish
Cardano’s 4-hour chart indicates a declining trend. In the previous two weeks, it had made two fruitless tries to break below the 4-hour chart’s $0.41 support level. As the buyoff gets traction and more bulls than bears enter the market, the ADA increased and tested the $0.50 level. Sellers are holding the bearish engulfing candle that surfaced when the coin hit the predetermined level. The price is currently very close to the previous low of $0.41.
A selling market may be indicated by the fact that Cardano’s price is presently trading below the Hull Suite Crypto indicators. Taking into account that the leading forex signal provider, the QQE MOD indicator, is currently displaying a selling signal and is below the zero line.
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