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Cardano analysis – the triangle will close soon on the main support $ 1.00

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Cardano is still holding on main support at about $ 1.00. Directly in this zone creates short-term symmetrical trianglewhich can close any. Support and resistance of this pattern are still approaching each other and this triangle is likely to end soon.

The end of the triangle may also depend on where it moves BTC and overall where the altcoin market will move. If the market correction continues, it is certain that support will not be maintained and the ADA will go below $ 1.00. On the other hand, BTC’s indecision still played in favor of the altcoins.

Cardano on the main sportCardano on the main sport. Source: TradingView

Cardano on the main support

The market price is at the level of $ 1.05. And if the $ 1.00 support is not maintained, we can expect high volatility and corrective leg. On the contrary, if the price managed to overcome the triangle and at the same time last maximum $ 1.15, in that case we could watch target at about $ 1.34.

It is located on this surface point of control and also resistance from the maximum correction. If we want to identify reversal of the long-term trend, the price would have to exceed the level of the previous two highs at $ 1.60. For the time being, however, we are still continuing the sideway in the accumulation zone.

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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