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Buyers may defend $0.458 support level
ADA Price Analysis – 16 April
The $0.488 and $0.505 resistance levels may be tested if buyers are able to keep Cardano above the $0.476 barrier. If the $0.458 barrier is breached, the support levels of $0.457 and $0.347 will be examined.
Key Levels:
Resistance levels: $0.476, $0.488, $0.505
Support levels: $0.458, $0.457, $0.347
ADA/USD Long-term Trend: Bearish
The daily chart of Cardano shows a downward trend. A double top pattern appeared on the chart on March 14 at the $0.79 resistance level. The price encountered resistance at the previously indicated level, but it ultimately broke through. There was a bearish candle pattern on the daily chart. Over the past two weeks, there have been strong bearish candles, and the support levels at $0.505, $0.488, and $0.476 have turned into resistance levels. The price decreased following a test of the support level at $0.476. Now, the $0.458 support level is being retested.
Bears are in charge of the market since Cardano is presently trading below the Hull Suite forex signals indicator. The $0.488 and $0.505 resistance levels may be tested if buyers can keep the price above the $0.476 barrier. If the $0.458 barrier is breached, the support levels of $0.457 and $0.347 will be examined.
ADA/USD Medium-term Trend: Bearish
Cardano’s 4-hour chart indicates decreasing trend. On the 4-hour chart, it had attempted twice in the last two weeks to break above the $0.798 resistance level, but both times it had failed. As the trend strengthens and more bears than bulls enter the market, the ADA fall below $0.476. Sellers are holding the bearish engulfing candle that emerged when the coin hit the mentioned level. The price is currently falling in an attempt to break down to $0.458.
A selling market is indicated by the fact that Cardano’s price is currently trading below the Hull Suite Crypto signals. Taking into account that the best forex signal provider, the QQE MOD indicator, is currently below the zero line and displaying a selling signal.
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