Symmetrical triangle , consolidation , possible breakout 2,3$ ->
Hello Traders!
- On 4H Cardano price action has traded sideways over the past weeks. After a strong decline in September, a new major swing low was established at $1.90 on the 21st of September, the following reaction set a swing low at $2.46. Since then, both lower highs and higher lows have been seen ( symmetrical triangle validated), indicating that the market is trading in an increasingly tighter range.
Currently, the support area can be seen at around $2.10, while resistance is strong at around $2.30. Earlier this week, a higher high was set above $2.25 previous local high, indicating that the Cardano price action might be preparing to finally break higher. However, until the $2.30 resistance area is not broken, we likely will see further consolidation next week.
- Overall i am bullish on Cardano expecting bulls to accumulated on the demand zone to push the price higher !
Good Luck, Traders!
- On 4H Cardano price action has traded sideways over the past weeks. After a strong decline in September, a new major swing low was established at $1.90 on the 21st of September, the following reaction set a swing low at $2.46. Since then, both lower highs and higher lows have been seen ( symmetrical triangle validated), indicating that the market is trading in an increasingly tighter range.
Currently, the support area can be seen at around $2.10, while resistance is strong at around $2.30. Earlier this week, a higher high was set above $2.25 previous local high, indicating that the Cardano price action might be preparing to finally break higher. However, until the $2.30 resistance area is not broken, we likely will see further consolidation next week.
- Overall i am bullish on Cardano expecting bulls to accumulated on the demand zone to push the price higher !
Good Luck, Traders!
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.