29.11.2023 10:43 PM
Cardano in major triangle

Cardano continues to move sideways in the short term. It's located at 0.3847 at the time of writing. The altcoin could extend its current range and I believe that only a strong move in Bitcoin could bring us a clear direction on this market.

ADA/USD is down by 0.49% in the last 24 hours and is up by 1.59% in the last 7 days. Technically, the price action signals strong buyers, but an upside continuation needs confirmation.

Cardano Near Resistance!

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From the technical point of view, Cardano developed a major symmetrical triangle. It has failed to test and retest the uptrend line in the last attempt signaling strong upside pressure.

Now, it stands near the downtrend line which represents a dynamic resistance. The former high of 0.3884 is seen as a static resistance. Staying near the resistance levels may announce an imminent breakout.

Cardano Forecast!

Jumping, closing, and stabilizing above 0.3884 and above the downtrend line activates further growth.

On the other hand, false breakouts through the resistance levels may announce a new sell-off.

Ralph Shedler,
Analytical expert of InstaForex
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