-ADA experienced over 400% of price growth in February
-Price has risen in anticipation of the Mary Hard Fork
-Bearish signals begin to appear
Cardano proved to show its strength throughout the last 7 days as the cryptocurrency market as a whole went through a pullback from local highs. After the initial 2 day drop, ADA went on to set new all time highs passing its previous high of around $1.40.
While looking at the two black lines, a rising price channel has been keeping the price secured for over 2 weeks now. The price has created 3 higher highs as the Relative Strength Index (RSI) has created 3 lower highs. This particular scenario is viewed as a bearish divergence. This can indicate a pullback to the bottom trend is coming soon. The bottom trend has been holding the price for a month now. If the trend breaks, ADA can experience a larger pullback.
ADA has went through such explosive growth the last month, the price has created a large gap from the band of 3 major MA's. This also is an indication that the price will consolidate and retrace in the coming days/weeks.
Major support zone comes in for Cardano around $1.10. This support zone also is met with the 3 month trend. This area can be looked at as a potential bounce area.
As the Mary Hard Fork Occurs on March 1st, Investors may be also expecting a pullback as the anticipation helped continue this uptrend.
-Price has risen in anticipation of the Mary Hard Fork
-Bearish signals begin to appear
Cardano proved to show its strength throughout the last 7 days as the cryptocurrency market as a whole went through a pullback from local highs. After the initial 2 day drop, ADA went on to set new all time highs passing its previous high of around $1.40.
While looking at the two black lines, a rising price channel has been keeping the price secured for over 2 weeks now. The price has created 3 higher highs as the Relative Strength Index (RSI) has created 3 lower highs. This particular scenario is viewed as a bearish divergence. This can indicate a pullback to the bottom trend is coming soon. The bottom trend has been holding the price for a month now. If the trend breaks, ADA can experience a larger pullback.
ADA has went through such explosive growth the last month, the price has created a large gap from the band of 3 major MA's. This also is an indication that the price will consolidate and retrace in the coming days/weeks.
Major support zone comes in for Cardano around $1.10. This support zone also is met with the 3 month trend. This area can be looked at as a potential bounce area.
As the Mary Hard Fork Occurs on March 1st, Investors may be also expecting a pullback as the anticipation helped continue this uptrend.