Cardano / TetherUS
Short
Updated

ADAUSDT - Descending Triangle idea

180
Cardano is currently forming a descending triangle pattern, which is often seen as a bearish continuation signal.

The price is forming lower highs and repeatedly testing a horizontal support level. In this pattern, the breakout tends to happen downwards, with a likelihood of around 64%.

To verify the pattern:

  • Diminishing volume
  • Multiple touches on both trendlines
  • Downward upper trendline



Now it is time to look for a breakout below the support level on significant volume. However, remain cautious of false intrabar breakouts that may occur.
Trade closed: stop reached

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