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Cardano analysis – the price is in accumulation zone, but the reversal of the trend is not confirmed

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After reaching the bottom in the form of a symmetrical triangle, Cardano managed to achieve a decent one growing trend which, moreover, is accompanied by short – term declines. However, it is too early to determine the reversal of the long-term trend, as the price is still under the key resistance of the long-term structure.

The market price is below the resistance of the local maximum correction structure. To overcome it, the price would currently have to overcome $ 1.35. In addition, we do not know how long the price will remain at the same time accumulation zone as its interval is relatively wide – $ 1.00 to $ 1.50.

Cardano still under resistanceCardano still under resistance. Source: TradingView

Cardano still under resistance

Even if we beat $ 1.35 and the price went above the resistance of the maximum correction, it would still not be confirmed trend reversal. This would only happen when the price exceeds the previous long-term maximum, as it did recently BTC. In the case of Cardano, this is the double peak level at $ 1.60.

As we can see, Cardano still has room to continue in the accumulation zone. Nevertheless, if sentiment of the market remains, it may be an ideal purchase in this zone, even if the decision is up to each individual. Long-term closure resistance and support it may even occur at the end of the month.

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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