Fundamental analysis

Short-term technical analysis on Cardano.

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Green lines- Fibonacci retracements

Blue line- support trend line

Cardano is trading around $0.40 after a steady rise from $0.3219. Price is consistently forming higher highs and higher lows supporting the bullish momentum. An upward sloping trend line connecting the lows of the current price formation can help us identify a potential bearish or reversal signal. Support is found at $0.3970. A break below this level would be a sign of weakness. Failure to stay above the blue trend line, will open the way for a deeper pull back towards the 61.8% Fibonacci retracement at $0.3640. At $0.4075 we find the short-term resistance that has already been tested twice and bulls failed to break above it. Recapturing $0.4075 would be the first step towards challenging the recent highs at $0.43.

The material has been provided by InstaForex Company –