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This technical analysis discusses how the price of Cardano could potentially decline to a lower price target. In the analysis an Elliott Wave is made as the resistance levels become lower. The start of the first wave starts at the resistance level at 0.5947. After the first wave, the waves get progressively lower indicating a bearish trend. At the end of the Elliott formation, the strong support level at 0.3233 appears, where the price is close to break and enter a fall below the strong support. This fall, according to an applied fibonacci line, could indicate that the price should fall all the way down to the target at 0.2636.
The analysis uses the following background indicators to inspire the execution: Day Buy Sell Volume Label, VSAR Visual Signal ActivatoR, & RSI background.
This technical analysis discusses how the price of Cardano could potentially decline to a lower price target. In the analysis an Elliott Wave is made as the resistance levels become lower. The start of the first wave starts at the resistance level at 0.5947. After the first wave, the waves get progressively lower indicating a bearish trend. At the end of the Elliott formation, the strong support level at 0.3233 appears, where the price is close to break and enter a fall below the strong support. This fall, according to an applied fibonacci line, could indicate that the price should fall all the way down to the target at 0.2636.
The analysis uses the following background indicators to inspire the execution: Day Buy Sell Volume Label, VSAR Visual Signal ActivatoR, & RSI background.