What Happens With Cardano?
Finally, after months of stagnation, the cryptocurrency market has become very active. One of the most involved digital coins is Cardano (ADA). Check out our analysis to know what will happen with that currency next.
Yesterday, we published our analysis of the BTC/USD market. Many of you asked us for more of that kind of articles. So today, we present another interesting pair.
Due to the significant increase over the recent month, Cardano (ADA/BTC) ranks in the top 10 cryptocurrencies in terms of market capitalization.
A daily graph below shows that from September 2018 to March 2019 there was a lateral trend (a parallel channel) which oscillated between 0.00001380 and 0.00000850.
On 22nd March this year, the resistance in the form of the channel’s upper limit was broken down, which resulted in a signal to buyers about a change of trend in the direction of growth
After more than half a year of withholding prices before further increases, the rise left no room for doubt.
The chart doesn’t lie
Switching to a smaller interval, i.e. 4h, enables us to take a closer look at the technical situation of the Cardano market. After the last mentioned breakthrough and reaching the local peak in the vicinity of 0.00001945 investors started to realize profits. For the moment, the market has found support at 0.00001600.
It is currently possible to correct the resistance level to 0.00001645 then 0.00001685. The possible loss of support by buyers opens the way for the continuation of the downward movement to the support point 0.0000145. This scenario seems to be the most likely.
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