The analyst explained how Cardano re -testing the support line for technical analysis (TA), which may lose the result of the coin.
Cardano is currently being traded within a convergence channel
In new mail In X, analyst Ali Martinez talked about a pattern formed in the price of Cardano for 3 days. The pattern concerned is the TA’s condolence channel, which occurs when the original notes uniformity with a net negative side between the parallel trend lines.
The upper line tracks the highest consecutive low levels in the low price and bottom. When the cryptocurrency inside the channel is likely to face resistance in the past and the last support.
In the scenario where none of these levels during the re -test, the original can witness an outbreak in this direction. This means that the mutation over the canal can be a bullish mark, while the fall under it is landing.
Now, here is the graph that is shared by the analyst that shows the condolence channel that is trading the price of Cardano for 3 days in the past few months:
As visible in the graph above, Cardano found a recovery near the bottom of the channel earlier in the month, although he did not actually decrease enough to re -test it.
Since the recovery, the price of the cryptocurrency for 3 days has returned to the mid -road line of the channel, which is located at about $ 0.63. During the past few months, the currency has interacted several times with this line, with the most recent one last month.
At that time, the original initially found support at the level, but a long time ago, the declining direction resumed and decreased below. With ADA re -testing again, it will be interesting to know the direction this time.
If the Cardano loss ends, a decrease has occurred, then the next destination of the original may be a sign of $ 0.54, according to Martinez. Such a decrease means a decrease of approximately 17 % from the current instant price.
Like a concession channel, there is also a style in TA known as the Ascending Channel. This happens naturally when monotheism is towards the upward trend instead. The analyst also indicated another x mailXRP was circulated inside such a short term.
“XRP is trading within an upward triangle, with a key resistance at $ 2.22,” Martinez notes. “The collapse can raise a step about $ 2.40.”
ADA prices
At the time of this report, Cardano is traded by about $ 0.65, an increase of about 20 % last week.
