Cardano (ADA): Waiting For Breakdown Of Triangle Formation!
Cardano is looking nice, forming a triangle, pressing both the lower and upper sides, and tightening the end gap of the triangle.
We are keeping an eye on the formation and also the EMAs here, which are indicating a potential further drop to happen here.
The reason is simple: We had a nice liquidation on April 12th, and we had some small re-tests (but they were weak), which indicate a potential further drop to happen.
So as long as we hold EMAs and move inside the triangle, we should be good for a possible downward movement here!
Swallow Team
We are keeping an eye on the formation and also the EMAs here, which are indicating a potential further drop to happen here.
The reason is simple: We had a nice liquidation on April 12th, and we had some small re-tests (but they were weak), which indicate a potential further drop to happen.
So as long as we hold EMAs and move inside the triangle, we should be good for a possible downward movement here!
Swallow Team
Nota
Looking at Cardano on a smaller timeframe, we see a small resistance has formed between 100 and 200 EMA.
As we are looking for an exit from a triangle formation on a bigger timeframe, we look at that local resistance, which seems to hold the price well so far, might be an indicator for a good rejection and breakdown of the formation!
Nota
Cardano is showing the first signs of early weakness near the local resistance zone.
After getting a smaller rejection from 200 EMA, Cardano has been slowly moving back to the lower zones, possibly touching the lower side of the triangle formation for a re-test!
Nota
Cardano had an interesting week where it maintained the zone below the middle line of Bollinger Bands and is now looking to secure that breakdown. If all plays out nicely, we should see further downward falls from here.
Nota
After that good rejection from middle line of bollinger bands, the price os cardano has been seeing a nice downward movement, breaking also down from the local trend line.
✅ Price has moved 11.11% so far
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🚨 Authentic Traders
⚡️ Short-Term + Mid-Term Trades
Keep an eye on us and you will not regret it. 😉
Telegram: t.me/+fiEDSn7M9pJkODA0
⚡️ Short-Term + Mid-Term Trades
Keep an eye on us and you will not regret it. 😉
Telegram: t.me/+fiEDSn7M9pJkODA0
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.