Cardano Against the Market Trend?

  • ADA forms a descending triangle pattern on the monthly chart-making new lower highs
  • The altcoin can give a big move in the market run as trading at level $0.9614 near its resistance $0.9849
source: tradingview

The crypto asset forms an interesting pattern over the monthly chart on Friday and ready for a big move in the short term as the market outperformed from the last few days and the major coin Bitcoin trading at $10,900 and other main coins performed well. Cardano is trading at the level of $0.9614 and has formed a descending triangle pattern and it has support at $0.0898 and has minor resistance of $0.9849 and the major resistance at the level of $0.1064. 

The coin is near its minor resistance and trading at days high can give big move on both the direction as the descending triangle pattern at this its level, the coin has more volume than last trading day of $718,949,019  and the market capitalization stood at $3,029,869,220.

source: tradingview
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Moving Average Convergence Divergence (MACD) is trading under the neutral level, however, give a positive crossover indicates the bullish move in the coin but the coin trading near its resistance,  indicating signs of volatility in the counter. 

source: tradingview

Relative strength index (RSI) is making lower highs in rsi levels it suggesting the fall in the price of the token and its warning the investors at this level 

Cardano is trading at its resistance of $0.9849 and the pattern formed in it suggesting a price fall in the token as the indicators also support the pattern.

Minor resistance level: $0.9849 and major level $0.1064.

Support level: $0.8989.  

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Pratik Chadhokar
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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