Over the past few days, Cardano has been experiencing a trading range between $0.30 and $0.25. In such range-bound conditions, traders typically aim to buy near the support level and sell when the price approaches the resistance level. Currently, the bulls are making an effort to halt the decline at the uptrend line. If the price reverses course from the current level or the uptrend line, the bulls will make another attempt to surpass the obstacle at $0.30.
The Daily Chart:
#Cardano price in the daily time frame chart has formed a double top pattern, which is a commonly observed technical setup preceding notable downward movement. The peaks have materialized at the $0.30 mark. If there is a breakthrough above this resistance level, it has the potential to trigger a robust bullish rally.
Cardano has experienced a gain of 1.90% following three consecutive bearish candles, which have indicated a notable resistance towards higher prices.
The 4- Hour Chart:
On analyzing the 4-hour chart, a short support trend line is currently active, connecting a series of low points on the price chart. Additionally, a long-standing resistance line has been observed, dating back to the price's inability to break above $0.45. These factors have resulted in the formation of a symmetrical triangle pattern on the 4-hour chart.
Price Analysis predicts that the market capitalization of this #ADA will be $10,039,187,980. The 24-hour trading volume of the coin is around $170,967,563.
KEY LEVELS :
RESISTANCE LEVEL : $0.2940-$0.3020
SUPPORT LEVEL : $0.2770-$0.2670
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
