Cardano's price reacted positively to its support!

2022년 12월 3일

ADA had a range trend during the last week. Cardano's price reacted positively to this support area after returning above the $0.305 range. But the price trend of Cardano in the 4-hour period is still a range. There is a linear resistance at $0.32, a break of which could provide a continuation of short-term upside for Cardano to the $0.340-$0.350 range. As long as the support indicated on the chart holds, Cardano has the potential to rise in price for the coming week. The $0.32 line resistance has also been associated with reaction several times.

Therefore, breaking it into the 4-hour timeframe can provide continued short-term growth. On the higher time frame, with Cardano's monthly support broken, the overall trend is bearish until the price fully returns above the $0.37 range. The RSI indicator forms positive divergences, which can signify a trend reversal, at least in the lower time frames. It should be noted that there is still a possibility of breaking the monthly support into higher timeframes. Therefore, purchases can be short-term.