Investing.com – As recently as yesterday, we had to be cautious about that warned. A day later it turns out that it wasn’t a day too early. Nevertheless, we had drawn a generally positive picture for ADA because, for technical reasons, there was no hard exit signal up to now. In the short term, however, yesterday’s trading day could have sent the negative signal.
Yesterday, when it fell below a limit line at $ 2.80, it caused a negative dissolution of the recently much-cited ascending triangle.
At its peak, the Cardano price plummeted to $ 2.03, but then recovered and made up more than half of its losses. The 50-day line at $ 2.02 turned out to be a savior. ADA is currently again above its former record high of $ 2.32, so that there has been no sustained damage in the long term.
However, traders who are chart-oriented should still be on their guard. Both the MACD and the RSI are currently delivering sell signals and a slide below $ 2.32 could well lead to further losses towards $ 2.02, which is why a sword of Damocles continues to hang over the further price development of the crypto currency.
Should the area around $ 2.02 not provide any support, the smoothing of the last 10 weeks at $ 1.90 and then the last 100 days at $ 1.71 will move onto the agenda.
A rise above yesterday’s high at $ 2.82 would be necessary for the chart to be significantly brighter. It is unlikely that this will happen anytime soon. Rather, the ADA bulls should hope for price stabilization above $ 2.32 during this phase, which can then serve as the basis for a new rally impulse.
Note: This article does not constitute investment advice or a solicitation to buy or sell any assets. Nor does the article purport to predict the development of the Cardano price. This is only a subsequent comment on the ADA development, the Cardano investors about the latest crypto news and the technical starting position of the should inform.
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