Conclusion for today's Cardano analysis: Consolidation in price at the 0.05 price level could provide support for resumption of bullish momentum.
The 6 Hour timeframe of Cardano (ADA) is examined using a candlestick chart that provides over 7 months of price action. The duration in Cardano price did produce an upswing in price from ~0.02700 to 0.10600 on June 26, 2019.
The current downtrend was confirmed by the formation of a rising wedge (ideally bearish) chart pattern that was part of a 2 months topping process between April and June 2019. Price breaching long term support since December 2018 implies a bearish bias and therefore more downside to be expected.
However, it is important to pay attention to immediate support under the long term bullish trendline. This is the 0.05 price level i.e. (0.05547903 and 0.05051864) as consolidation in the aforementioned level can provide grounds for resumption of bullish momentum.
A break below the lower level of support implies an increase in bearish strength and lower prices to be expected in Cardano.
The 6 Hour timeframe of Cardano (ADA) is examined using a candlestick chart that provides over 7 months of price action. The duration in Cardano price did produce an upswing in price from ~0.02700 to 0.10600 on June 26, 2019.
The current downtrend was confirmed by the formation of a rising wedge (ideally bearish) chart pattern that was part of a 2 months topping process between April and June 2019. Price breaching long term support since December 2018 implies a bearish bias and therefore more downside to be expected.
However, it is important to pay attention to immediate support under the long term bullish trendline. This is the 0.05 price level i.e. (0.05547903 and 0.05051864) as consolidation in the aforementioned level can provide grounds for resumption of bullish momentum.
A break below the lower level of support implies an increase in bearish strength and lower prices to be expected in Cardano.
