• Cardano’s bullish momentum has stalled, with bears likely to take control of the price action.
• Key support levels for ADA are at $0.36 and $0.32, while key resistance levels are at $0.40 and $0.44.
• Indicators such as the RSI and MACD are showing bearish signals, suggesting a correction could be imminent in the coming days.
Cardano’s Bullish Momentum Stalls
Cardano has failed to move higher after multiple attempts at breaking through the 40 cents resistance level, indicating that bulls are beginning to lose control of the price action. Should the cryptocurrency fall, then key support will be found at 36 cents. The indicators have also started turning bearish, suggesting that Cardano could enter a correction in the coming days which would put pressure on buyers.
Key Support & Resistance Levels
The key support levels for ADA are currently at $0.36 and $0.32, while the key resistance levels are at $0.40 and $0.44 respectively; should these levels be breached either way then it could result in significant price movements for Cardano’s market value as a whole.
Indicators Show Bearish Signals
Trading volume is making lower highs which indicates that buyers may be exhausted, while both the RSI and MACD have turned bearish with lower lows; this shows that sellers have gained an upper hand in terms of market control over recent days and weeks.
It appears likely that Cardano has found a local top at 40 cents, leading to a potential correction from this point onwards; bears may take control of the price action until reaching 36 cents where buyers could return to reverse any downtrends seen so far during this period of activity for ADA’s market value as a whole.
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