Cardano Drops Below $1 Following 20% Weekly Decline
The post Cardano Drops Below $1 Following 20% Weekly Decline appeared on BitcoinEthereumNews.com. Cardano was no exception to the market’s decline. After it failed to break out of the descending channel (marked yellow), the bears were able to push...
Cardano was no exception to the market’s decline. After it failed to break out of the descending channel (marked yellow), the bears were able to push the price what the next destination is.
Technical Analysis
Technical Analysis By Grizzly
The Daily Chart:
On the daily timeframe, Cardano is moving down in a descending channel and has corrected from the recent 60% spike to the Fibonacci Retracement at 0.618. The most important for the bulls is to push the price back above $1, which now acts as a resistance (marked blue). If this happens, one can hope to retest the top of the channel; otherwise, the supports at $0.86 and $0.68 are zones that have the potential to reverse the trend.
RSI 30d indicator is also moving in the bearish area but still holds ascending line (marked green)
Moving Averages:
MA20: $1.11
MA50: $0.96 (Cardano is here now)
MA100: $1.05
MA200: $1.43
Source: TradingViewThe 4-Hour Chart:
On the 4-hour timeframe, as the daily timeframe, Cardano is trading in a descending channel (marked blue), with the bottom on the short-term horizontal support being at $0.91.
As long as the price does not break out of this channel and the RSI 30 indicator moves below the descending line, one can not expect significant growth from the price. Price is expected to fluctuate widely in this zone.
Source: TradingViewBinance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Source: https://cryptopotato.com/ada-price-analysis-cardano-drops-below-1-following-20-weekly-decline/
Post navigation
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
