VincePrince

Cardano, Ascending-Wedge Running Into Resistance!

BINANCE:ADAUSD   Cardano / US Dollar (calculated by TradingView)
Hello Traders,

Welcome to this analysis about Cardano on the 30-minute timeframe perspective. As Cardano recently has shown up with initial bearishness that should not be kept by side I discovered important signs it is currently forming that can indicate a continuation, therefore I detected all the meaningful levels and likely destinies we should consider here.

As when looking at my chart we can watch there how Cardano is now below this ascending-tend-line marked in black which was previously supported and is now resistance, besides that Cardano is below the 400-EMA in red and below the 300-EMA in green which is also important reference-points. Together with the ascending-trend-line and the resistance within the upper-boundary of the ascending-wedge Cardano is forming this serious resistance-cluster here from where a wave to the downside is likely that will then complete the whole wedge-formation and activate downside targets as marked in my chart. For now, the bearish dynamic is still omnipresent and it has to be elevated how Cardano continues here further.

In this manner, thank you for watching the analysis and for everybody supporting it is great contentment, have a good day and trading!
"The high destiny of the market is to explicate rather than to speculate."

Information provided is only educational and should not be used to take action in the markets.
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Comments

Love an update now it seems to be breaking the ascending resistance which may turn back to support.
+3 Reply
Looks like a bear flag
+3 Reply
@dcrow66, Interesting approach
+2 Reply
Nice view, keep it up👏👍
+1 Reply
VincePrince ForecastCity_World
@ForecastCity_World, Many thanks, all the best
+1 Reply
Thank you
+1 Reply
VincePrince rampman10
@rampman10, Thank you
+1 Reply
Thanks Vince! Your TA is almost always spot on and I'm learning a lot from you. Keep it up!
+1 Reply
VincePrince powerfulBus36570
@powerfulBus36570, Thank you very much, great to hear that, you are welcome.
+1 Reply
Nice ideas
+1 Reply
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