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Spinning Top Urges Caution From Investing.com




Investing.com – So far, profit-taking has been limited after the record run. Of the had to give up a bit of ground in the last few hours, but we cannot speak of a correction yet. For now, the horizontal support line at $ 2.46, which was the previous record high, is being defended. Should there be a consolidation above this level, the trend-based 0.618% Fibonacci extension at $ 2.60 would be the next possible target. Above the hurdle, the cryptocurrency could continue its rise towards 0.786% at $ 2.80.

Despite all the euphoria, crypto investors should not forget that Cardano has overheated again on a daily basis. In addition, a so-called spinning top has formed with yesterday’s candle, which opens the door for a correction. Against this background, stop management is becoming increasingly important. Since this assessment is primarily based on a valid outbreak ($ ​​2.46), it is also clear what must not happen in the future: a relapse below the outbreak level, followed by a slide below $ 2.33 would cloud the overall constructive picture in the short term and allow a deeper correction. Possible downside targets would then be in the form of the 5 and 10 day lines at $ 2.28 and $ 2.18. The key support can be found at $ 1.86.

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Note: This article does not constitute investment advice or a solicitation to buy or sell any asset. Nor does the article purport to predict the development of the Cardano price. It is only a subsequent comment on ADA developments, which is intended to inform Cardano investors about the latest crypto news and the technical starting position of the ADA / USD.




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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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