Conclusion for today’s Cardano analysis:
Price closing above ~0.00000520 is bullish for Cardano (ADABTC).
A log scale on the Daily timeframe is used to present today’s Cardano analysis. Data from April 04, 2019 to current date indicates a dominant downtrend, part of which was a falling wedge (diagonal).
The wedge lasted over 4 months before price broke out to the upside on August 22, 2019, and therefore confirming the bullish implication of the chart pattern.
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Cardano price has moved in a sideways fashion ever since breakout occurred outside the wedge. The ranging price action has lasted over 2 months and is described in this analysis as a rectangle bottom chart pattern.
The implication of the aforementioned pattern is ideally bullish and suggests that prices will eventually resolve to the upside. The top and bottom of the range is marked on the chart as 0.00000520 and 0.00000388 respectively.
Price closing below 0.00000388 decreases the chance of higher Cardano prices and rather suggests more selling. The 200 Day moving average of Cardano is also plotted on the chart to help monitor price level of possible resistance upon breakout to the upside. Prices eventually moving above the moving average would argue for further improvement in bullish momentum.
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