Cardano is a proof-of-stake blockchain network that aims to empower "changemakers, innovators, and visionaries" to effect lasting social change. The open-source project also seeks to "redistribute control from unaccountable institutions to the margins to people," resulting in a more stable, accessible, and egalitarian community.
Cardano has a price today of $1.22 USD with a 24-hour trading volume of $6,719,866,914 USD and a market capitalization of $39 billion. It has a circulating supply of 31,948,309,441 ADA coins and a max. supply of 45,000,000,000 ADA coins.
Cardano started an uptrend on the daily timeframe in the middle of January and topped on the 27th February at the price of 0,00003195 BTC per ADA. From the 27th of February until today we are in a retracement that looks (now) like its correcting for at least one more leg up. On the 4h timeframe we have a structure that started in the middle of March and it’s still developing. Crucial zones that will determine the future direction of this pair are the support area and the minor resistance marked on the chart. If we see a down move that will break the support it will increase the chances for a deeper retracement. If it will break the minor resistance and will consolidate there, we should see the price trying to reach the major resistance.
Trade with care.
Best regards, Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
The area you have labeled "Minor resistance" also has relative equal highs or as most people call it "Double tops." There is definitely a pool of liquidity resting up there in the form of stop losses from people going short, so I definitely agree with it going back up. However, the 0.0002100 and 0.0001900 levels are more likely to be the next areas of support to look for price to pivot from.
financialflagship
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@hubview, yes it may stop on the grey trendline and reverse.