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Cardano analysis – price at local maximum? We don’t have to reach $ 2.15 now

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Cardano has been growing in recent days. However, the market price is on resistance. The question therefore remains whether the trend will continue and whether we happen to be at the local maximum. We’ll see new bullrun or will we still have to wait for it? Let’s take a look at the ADA analysis.

The market price is located on resistance, which consists of local max correction structure. In addition, we are still on resistance previous maximum of $ 1.60. Besides that RSI indicates overbought. This overbought is in several cases shown on the graph by a yellow vertical line, where we see how the price reacted.

Cardano in strong growthSource: TradingVIew

Cardano in the main buying zone

According to the latest cases of overbought ADA we can see that for the price it always meant creation of a short-term local maximum. In some cases, even long-term. This situation does not mean that the growing trend will end, but only that a local maximum is likely to be created in the short term.

As we can see, the graph rather shows a local maximum below the $ 1.60 level. Nevertheless, we do not know whether the price behind this top will not immediately bounce back up. In this case, we monitor target $ 2.15. In addition, etc. volumes began to rise sharply and all indications are that Cardano is preparing for further growth.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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