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ADABTC (Cardano) price channel: 4hr tf analysis

The recent bullish action in Cardano (ADABTC) from ~0.00002389 on March 21, 2018 till present date is captured in this analysis using a price channel. Price move upwards thus appears limited as shown by the upward red arrow as the upper target of the channel is ~ 0.00004324.

Technical analysis of Cardano using a price channel

Any consideration of a long position (i.e. buy) would require patience for Cardano (ADABTC) to successfully test the bottom of its channel which in this case is  ~0.00003617.

A slight break below the channel should meet with Support 1 (i.e. between 0.00003547 and 0.00003380) or Support 2 (i.e. 0.00003088 and 0.00002953) as shown in the chart. A break below support 2 could result in price of Cardano (ADABTC) further declining.

Alternatively, a breakout above the upper line of the channel followed by a consolidation in price = more upside momentum for Cardano (ADABTC).

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