- Cardano completing cup-with-handle structure on the 1-hour chart
- Bulls are facing rejection at last month’s bottom correction at the 61.8% retracement.
- The main target resistance is at $1.80
Cardano Price Analysis: Cardano pulled below $1.80 resistance
Cardano is completing a cup-with-handle structure on the 1-hour chart with a pivot level at $1.67. The completing pattern is an uptrend with a high at $1.70, and rejection near $1.69, which is also the point of correction for the 61.8% FIB retracement after the may bottom to 2018’s high of $1.39. There is a lot of pressure from sellers to have the price close below the 2018 high, a price action that will further weaken the RSI and have ADA revisit $1.24. This makes the weekly chart bearish and suggests more oversold pressures might invalidate the long-term bullish movement and catalyze a fresh correction low.
Cardano Price Analysis: Cardano price movement in the last 24-hours
Cardano opened the 24-hour chart at a bearish note that saw the price neutralize yesterday’s 4.5% gain. ADA managed to break above the 20-day exponential moving average from weekend support of $1.40. The price uptrend was broke the upper boundary of a descending triangle that ADA had formed at the beginning of the week. If buyers managed to break resistance at $1.80 and sustain yesterday’s close above this point, this would easily prepare the market for another rally to $2.00.
However, the bears overwhelmed the market in the early trading hours and pulled the price from an intraday high and opening price of $1.84 to the intraday low of $1.66. Selling pressure at $1.80 did stall last week’s market and indicated a point of bearish strength. The bulls need to consolidate much of the broader market’s support so as to overcome the price hurdler and set themselves up for another rebound.
Cardano 4-hour price chart
The 4-hour chart attempts to break the first resistance at $1.70, where the cup’s handle is trying to sustain a price continuation. At the time of writing, the price of the coin is hovering around $1.69 and $1.688. However, the coin seems braced with lots of selling pressure. You can see plenty of short green candlesticks with long red candlesticks suggesting bullish weaknesses.
Conclusion: Cardano price analysis
Cardano’s yesterday’s chart was bullish and gave hopes of a consolidating ADA market. Today’s daily chart suggests some bullishness characterized by mild selling pressures that are preventing any further rebound above the 20-day EMA. We expect the coin to break the second significant resistance at $1.80 over the weekend and a rally continuation to $2.0.