Cardano Price: Will There Be a Further Reduction?

Bulls are defending $0.54 point

ADA Price Analysis – 08 April

 Cardano may attempt testing the resistance scenarios of $0.64 and $0.69 if they are able to keep the price above the $0.59 hedge. If the $0.54 hedge is translated, the $0.50 and $0.45 support options will be taken into account

Key Levels:

Resistance levels: $0.59, $0.64, $0.69

Support levels: $0.54, $0.50, $0.45

ADA/USD Long-term Trend: Bearish

The daily time period for Cardano shows a downward trend. On January 3, the chart showed a double top conformation close to the $1.26 resistance level. Initially, the price attempted to breach the initial hedging position that was established and discovered support near the anticipated $0.69 level. But the coin overcomes the first expected barrier. The daily map showed a bearish candle pattern. Bearish wicks were found when the $0.69 hedging position was analyzed. Since January 3, there has been negative exertion. After breaking the $0.69 hedging position, the price is now attempting to reach the $0.54 position.

The Cardano request seems to be firmly in the bears’ grasp. Since Cardano is trending more quickly in the direction below the Hull Suite forex signals index, merchandisers are currently answering the request. Cardano may attempt testing the resistance scenarios of $0.64 and $0.69 if they are able to keep the price above the $0.59 hedge. If the $0.54 hedge is translated, the $0.50 and $0.45 support options will be taken into account.

ADA/USD Medium-term Trend: Bearish

Cardano’s 4-hour chart indicates a tendency toward decline. In recent weeks, there have been two unsuccessful efforts to break over the resistance level at $1.14 on a 4-hour time frame. As more bears than bulls filed petitions and copping instigation rose, the ADA’s value fell to about $0.59. As the currency got closer to the target level, a bearish engulfing candle developed, indicating that sellers are clinging to their position. The price is currently declining and getting close to $0.54.

The QQE MOD index, a reliable source of forex indications, is below the zero line and indicating a selling signal, while the price of Cardano is currently below the Hull Suite Crypto points.

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