cardano (ADA) continues to trade in a pattern that many traders expect bullish as the European session kicks off on Wednesday. A break above the “tech drop” element could result in some gains. However, traders should always be aware that this breakout will not last long and must be carefully managed.
Currently, recession signals in the bond market and EUR/USD As we continue to rapidly approach the parity, many things may be hidden in the details.
Cardano Investors Can Leave The Market!
Cardano price At the time of writing, it was trading with the upper level around $0.687 and the lower level around $0.388. The opening recorded in the ASIA PAC session today managed to break above the “orange descending trendline”, which is also defined as the short-term extension of the overall bearish trend. Many traders waiting for the uptrend were waiting for this breakout and therefore they will not want to miss this breakout. However, with the current economic indicators worsening and the bond market starting to signal a recession soon, there will be a stalemate. overall downtrendneed to be aware of.
Cardano price may therefore target this monthly pivot at $0.52, which coincides with the 55-day Simple Moving Average (SMA) which is starting to flatten out a bit, due to more than a month of supported price action.
A breakout could be seen in Cardano price action with a drop to $0.388 as market participants exit the market by withdrawing their money after definitive confirmation that the global economy is deteriorating. The bulls will be stuck in their positions and it wouldn’t be surprising if a bearish blade drops to $0.11 after $0.388 is broken.
If the bulls can take over the 55-day SMA and push it above this, another step towards $0.687 could be seen as they will want to cover as much room as possible. Then, the divergence of cryptocurrencies against global markets could attract more investors who don’t know where or where to put their money. This, Relative Strength Index (RSI) levels can result in a 40% gain before falling into oversold.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.