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Cardano analysis – will keep the price of key support at $ 1.00?

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Cardano was on track to continue the growing trend, but in the end there was no other way than to follow movement of the whole cryptocurrency market. The market price after bounce from the key resistance immediately got to the main support. However, in this export we want to see sharp shopping wicks that are not yet present.

The price is trading at $ 1.21 at the time of writing. The $ 1.00 threshold is key support the whole accumulation structure. This does not mean that in the short term the price cannot fall below and then rise, but ideally we should maintain this level. RSI also predicts oversold, and thus the close occurrence of the local minimum.

Cardano is testing key supportCardano is testing key support. Source: TradingView

Cardano is testing key support

Volumes have also begun to rise, indicating an increased interest in trading Cardano. Nevertheless, we must wait for the volatility of the whole market to stop. If BTC falls, bears they will take the whole market with them and the ADA will not be an exception. Therefore is possible that we may not maintain the $ 1.00 and the correction will continue.

If we look at the chart in the long run, the trend remained essentially unchanged. The structure that has formed over the last year will represent a very strong reversal zone for future price developments. The same is true for BTC, which is also more or less a sideway during this period.

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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