Cardano continues to lose value against its peers. Troubled trading conditions may continue for a while, says seasoned technical analyst Jonathan Morgan. At the same time, ADA is on track to close its tenth consecutive weekly close below its weekly open. We take a look at the expected lows on the ADA…
Cardano fails to attract speculative traders despite strong sales
According to Jonathan Morgan, Cardano price action is very interesting in terms of technical analysis. Analyst says one of the weirdest behaviors Cardano has exhibited is Optex Tapes. Cardano (ADA) is unique among its peers in how long it spends trading on Optex Bands at extremely low levels. When cryptocurrencies enter oversold levels on the Optex Bands, they almost always go out of that zone. Cardano, on the other hand, does the opposite. It stays extremely low and has been like this for almost two months.
cryptocoin.com Another important oversold level for Cardano price could be the Composite Index data on the weekly chart, according to Jonathan Morgan, whose analysis we shared with you. The index value, which currently marks a 11.2 pullback, is the second lowest value in Cardano’s (ADA) weekly chart in its entire history. However, the hidden uptrend with the Composite Index value and the candlestick chart is very interesting. A bullish divergence occurs when an oscillator reaches the LL level and the candlestick records HL. According to the analyst, this can be considered a warning that the continuation of the previous uptrend is imminent.
Conclusion
Failure to hold $1.90 as support will invalidate any anticipated upside potential. In this case, the $1.50 level on Cardano is the next possible support zone.
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