- The price of Cardano fluctuates in a triangular fashion throughout the summer.
- Bearish targets can be set near the $0.25 price level.
- Reversing the bearish thesis is a violation of the above.
Cardano Price Explains How Downtrend May Finally End
The price of Cardano is $0.25.
Cardano is being auctioned at $0.45 as traders recover from the Vasil hard fork and the Robinhood announcement. Despite the current hype, the price of Cardano has continued to fluctuate sideways since the beginning of the summer.
There are several confounding factors for a possible decline. First, the downtrend spinning triangle itself indicates a bearish $0.25 target based on Elliott Waves and classic price action techniques. This summer, the price of Cardano showed a slight increase in bearish volume. In addition, the Relative Strength Index shows bullish and bearish divergences that support the triangle technique.
If the technical data is correct, the next 5 wave impulses from the early breakout of the triangle would be a strong buy. Triangle patterns are considered the last consolidation structure before a trend reversal occurs in the trading world.
Invalidity of the bearish thesis – violation above 0; 68 dollars. If the zeros are able to rise above this level, it could spark a bullish rally with a target at $0.85, resulting in a 95% increase in the current price of Cardano.
In the following video, our analysts dig deeper into Cardano’s price action by analyzing key levels of market interest. -Team Netcost-Safety