Conclusion for today’s Cardano technical analysis:
Price closing above 0.00001116 implies resumption of a bullish trend in Cardano (ADABTC).
Cardano analysis for today is carried out on a 6 hour timeframe that is mainly focused on the downtrend since price reached a peak of ~0.00001941 on April 03, 2019. Previous Cardano price prediction that was accurately forecast using a complex head and shoulders bottom pattern (or complex, inverted head and shoulders) on May 21, 2019 can be found here .
The current bearish trend starting from April 03, 2019 is highlighted using a bearish price channel. Besides, the 50 and 200 moving average (MA) of Cardano (ADABTC) provide context for price action and are also crucial to monitor for an impending change in the 6 hour timeframe bearish trend.
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The 14 period relative strength index (RSI) is shown at the bottom of the chart with a bullish divergence currently established. This provides additional warning for the current bearish trend and not necessarily a confirmation of a trend change in ADABTC.
0.00001116 and 0.00001046 are provided as immediate resistance in Cardano price. A conservative approach to going long (buying) ADABTC involves entering orders on a breakout or close above the upper boundary (0.00001116). This would also ensure that price closes above the upper boundary of the bearish channel and thus confirmation of a breakout.
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Our previous Bitcoin analysis (BTCUSD) before the current price rally was also posted for FREE and can be found here.