Bears oppose bulls at $0.671 level
ADA Price Analysis – 02 April
If purchasers can maintain it above the $0.680 barrier, Cardano may test $0.710 and $0.745 resistance level. The support levels at $0.628 and $0.587 will be looked at if the $0.649 barrier is broken.
Key Levels:
Resistance levels: $0.627, $0.649, $0.671
Support levels: $0.587, $0.567, $0.546
ADA/USD Long-term Trend: Bearish
The daily chart of Cardano shows a downward trend. A double top pattern on the chart emerged on March 14 at the $0.79 resistance level. The price had resistance at the previously mentioned level, but it later broke through. There was a bearish candle pattern on the daily chart. Over the past two weeks, strong bearish candles have emerged, and the support levels at $0.671, $0.649, and $0.627 have turned into resistance levels. The price bounced off after testing the resistance level at $0.671. The support level of $0.587 is now being retested.
Bears are in charge of the market since Cardano is presently trading below the Hull Suite forex signals indicator. If buyers can keep the price above the $0.627 barrier, the price might test resistance levels of $0.649 and $0.671. If the $0.587 barrier is breached, the support levels at $0.567 and $0.546 will be examined.
ADA/USD Medium-term Trend: Bearish
Cardano’s 4-hour chart exhibits a declining trend. It had tried twice in the last two weeks to break over the 4-hour chart’s $0.671 resistance level, but it had pulled back. As the trend weakened and more bears than bulls enter the market, the ADA fell below $0.627. Sellers are holding onto the bearish engulfing candle that emerged when the coin rose to the indicated level. The price is currently decreasing in an attempt to retest the $0.587 level.
A selling market is suggested by the fact that Cardano’s price is currently trading bellow the Hull Suite Crypto signals. Taking into account that the best forex signal, the QQE MOD indicator, is currently below the zero line and displaying a selling signal.
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