Cardano Price Tests $0.34 Low, What Next?

Sellers may be rejected at $0.34 point

ADA Price Analysis – 30 December

 If Cardano can maintain the price above the $0.38 resistance level, it may attempt to target the resistance levels at $0.41 and $0.54. If the $0.34 support level is broken, the $0.24 and $0.20 levels will be considered next.

Key Levels:

Resistance levels: $0.38, $0.41, $0.54

Support levels: $0.34, $0.24, $0.20

ADA/USD Long-term Trend: Bearish

Cardano is slowly losing momentum after hitting a peak of $0.54. On December 2, the price formed an inverted Head and Shoulder pattern near the $0.41 support level. Before facing resistance at the expected $0.54 level, the price attempted to break through the first support level. However, the coin managed to overcome this initial obstacle. A bearish candlestick pattern was visible on the daily chart. When examining the $0.54 resistance level, bearish wicks were observed. Since the beginning of this month, the project has been declining. The price is now attempting to fall below the $0.34 level again.

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Currently, the bears are in control of the Cardano market. The sharp drop below the Hull Suite forex signals indicator has caused concern among traders. If Cardano can maintain the price above the $0.38 resistance level, it may attempt to target the resistance levels at $0.41 and $0.54. If the $0.34 support level is broken, the $0.24 and $0.20 levels will be considered next.

ADA/USD Medium-term Trend: Bearish

The 4-hour chart of Cardano shows a downward trend. In recent weeks, there have been two failed attempts to reach the $0.54 resistance level on the 4-hour time frame. The value of ADA has fallen to $0.34, showing that more bears than bulls are influencing the market. When the currency approached $0.36, a bearish engulfing candle appeared, indicating that sellers are in control.

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The QQE MOD index, a reliable forex indicator, is showing a negative signal and is below the zero line. The fact that Cardano is currently trading below the Hull Suite Crypto points indicates a negative trend.

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