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CARDANO – ALTCOIN CHART ANALYSIS

 


While yesterday the entire Altcoin market was able to benefit from rising prices, Cardano (ADA) has held back. We are currently trading at around USD 0.46 and are therefore still almost unchanged.


We see a small sideways phase on the 4H chart and that we have small problems at the weekly resistance P. We should break through this as soon as possible to get a bullish momentum.


If we can do that, the next stop could be around $0.50. This is where Weekly resistance R1 resides and is in perfect confluence with our first resistance zone.


On the daily chart we still have a wick below us, which should unsettle us a bit. This is around $0.40 and was formed with a lot of trading volume.


For us, that means that a lot of positions came onto the market and are now clearly in profit. We should not rule out that we will not see this area again.


However, if we manage to form a higher high at around USD 0.53, we have broken the bearish trend for now and can say goodbye to USD 0.40 (for now).

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