Cardano Price: Will There Be a Reversal at $0.30 Level?

Bears’ momentum decrease in Cardano market

ADA Price Analysis – 06 August

Buyers may attempt to test the resistance levels at $0.35 and $0.40 if they can keep Cardano above the $0.33 barrier. If the $0.30 barrier is breached, the support levels of $0.28 and $0.25 will be taken into account.

Key Levels:

Resistance levels: $0.33, $0.35, $0.40

Support levels: $0.30, $0.28, $0.25

ADA/USD Long-term Trend: Bearish

The daily chart of Cardano shows a downward trend. The chart displayed a double top formation on July 17th, close to the $0.45 resistance level. The price tested the resistance level at $0.45 after first running into resistance at the expected initial level of $0.37. Nevertheless, the price eventually bounce off. There was a bearish candle pattern on the daily chart. For the last two weeks, there have been bearish candles, and the $0.28 support level is now a tested level of support. The price is currently pulling back to retest $0.33 resistance level.

Cardano market seems to be firmly in the hands of bears. At present, bears are attempting to get control of the market, and Cardano is trading marginally below the Hull Suite forex signals indicator. Buyers may attempt to test the resistance levels at $0.35 and $0.40 if they can keep the price above the $0.33 barrier. If the $0.30 barrier is breached, the support levels of $0.28 and $0.25 will be taken into account.

ADA/USD Medium-term Trend: Bearish

Cardano’s 4-hour chart indicates a downward trend. It has made two unsuccessful attempts in the past two weeks to breach the $0.45 4-hour chart’s resistance level. As selling picked up steam and more bears than bulls entered the market, ADA declined and tested the $0.28 level. Sellers are holding the bearish engulfing candle that surfaced when the coin hit the predetermined level. The price is approaching $0.33 at the moment.
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 best forex signal provider, the QQE MOD indicator, is currently below the zero line and displaying a selling signal.

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