Cardano Price Analysis: Cardano hints at a bullish trend reversal

• Cardona’s price is set to move up for the next few trading sessions.
• Bullish candlestick pattern formed on the daily chart

Cardano price is showing bullish signals going by the daily charts hinting at a possible bullish trend reversal after the formation of a spinning top backed up by a strong bullish candle. The coin also is at a major support level which was tested way back in the month of July. This support level at $ 1.20. The next resistance for the coin is around $ 1.80. 

The coin can be expected to trade in this range over the next few trading sessions. Though volumes are not as impressive, the coin is showing possibilities of a reversal after the formation of the bullish candles for consecutive days.

Cardano’s price on the hourly charts has started a bearish trend after hitting the resistance level at $ 1.320. This resistance level was formed during the early trading hours of 16th December. The coin had formed a trend reversal bullish pattern during the last two hours and this trend can be expected to continue going by the Volume average cross (VAC) indicator. 

The VAC indicator is hinting at bullish behavior is visible on the chart. The resistance level at $ 1.320 is crucial for the coin to make a bullish momentum on the daily charts as well.

Conclusion:

The coin is hinting at a bullish momentum both on the daily and hourly charts. Traders can look at the key support and resistance levels before executing trades. Overall the coin looks bullish according to the technical charts.

Support: $ 1.200

Resistance: $ 1.320 and $ 1.80

Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only. They do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.