Cardano (ADA) technical analysis:
Trade setup: Price broke out (bearish) from trading in a Channel Up pattern and below 200-day moving average ($0.35), confirming a downtrend. However, it’s now very oversold (RSI ~ 25) and near $0.25 support, hence we could see a bounce up near term. It’s a higher risk swing trade setup since overall trend is down.
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bearish but inflecting. MACD Line is below MACD Signal Line and RSI is below 45 but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance: Nearest Support Zone is $0.25. The nearest Resistance Zone is $0.30 (previous support), then $0.40, and $0.50.
Trade setup: Price broke out (bearish) from trading in a Channel Up pattern and below 200-day moving average ($0.35), confirming a downtrend. However, it’s now very oversold (RSI ~ 25) and near $0.25 support, hence we could see a bounce up near term. It’s a higher risk swing trade setup since overall trend is down.
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bearish but inflecting. MACD Line is below MACD Signal Line and RSI is below 45 but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance: Nearest Support Zone is $0.25. The nearest Resistance Zone is $0.30 (previous support), then $0.40, and $0.50.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.