/* custom css */
.td_uid_7_5da2e89080e6f_rand {
min-height: 0;
}
/* custom css */
.td_uid_8_5da2e890810e9_rand {
vertical-align: baseline;
}
Cardano remains bullish over the short-term, with price trading above the cryptocurrency’s 200-period moving average on the four-hour time frame
Some caution is warranted as the four-time frame still shows a bearish head and shoulders pattern
The medium-term outlook for Cardano is bearish, with the ADA / USD pair still trapped in a horizontal price channel
Cardano / USD Short-term price analysis
In the short-term Cardano is bullish, with the cryptocurrency still holding firm above its 200-period moving average on the four-hour time frame.
Caution is still warranted over the short-term horizon, as a bearish head and shoulder pattern is present on the four-hour time horizon. Furthermore, technical indicators on the mentioned time frame are starting to move lower, after bulls recently failed to rally price above the cryptocurrency’s former monthly trading high.
ADA/USD H4 Chart (Source: TradingView)
Pattern Watch
If bulls can rally price towards the ADA / USD pair’s current 2019 trading high, a bullish inverted head and shoulders pattern will start to take shape.
MACD Indicator
The MACD indicator is bearish on the four-hour time frame and is currently generating a sell signal.
Relative Strength Index
The RSI indicator is starting to turn bearish on the four-hour time frame and is highlighting that selling momentum is growing.
Cardano / USD Medium-term price analysis
Cardano is bearish over the medium-term, with the cryptocurrency still unable to move above its trend defining 200-day moving average.
The daily time frame clearly shows the ADA / USD pair trapped within a horizontal price channel that has been in place since the start of the year. Until a clear breakout from the channel occurs, traders should expect range-bound trading conditions to persist.
Technical indicators on the daily time frame are currently showing that bullish momentum is fading, with the MACD histogram and the RSI indicator starting to turn lower.
ADA/USD Daily Chart (Source: TradingView)
Pattern Watch
Traders should note that a bullish double-bottom pattern still remains valid on the daily frame.
MACD Indicator
The MACD indicator remains bullish on the daily time frame, although the MACD histogram is starting to trend lower.
RSI Indicator
The RSI indicator is neutral on the daily time frame, with the indicator starting to turn lower as upside momentum fades.
Conclusion
Cardano is showing signs that it may start to trade lower over both the short and medium-term as upside pressure and bullish momentum start to fade.
The cryptocurrency’s short-term outlook is increasingly vulnerable whilst the bearish head and shoulders pattern remains valid across the four-hour time frame. The medium-term outlook also shows that traders should expect further price consolidation inside the horizontal price channel, as bulls continue to struggle around the top of the ADA / USD pair’s upper price range.
Cardano Chart
Chart byCryptoCompare #ccpw-ticker-24351 .ccc-chart-header { background: #1c71ff} #ccpw-ticker-24351 #ccc-chart-block .exportBtnTop, #ccpw-ticker-24351 a.tabperiods.tabperiods_active, #ccpw-ticker-24351 .coin_details { color: #1c71ff; background: rgba(28,113,255,0.15); } #ccpw-ticker-24351 .coin_details { border: 1px solid rgba(28,113,255,0.16); } .ccpw-container_chart #ccpw-ticker-24351 .coin-container:after, .ccpw-container_four #ccpw-ticker-24351 .coin-container:after {border-color:#ccc !Important;}
Decentral Media, Inc., the publisher of Crypto Briefing, is not an investment advisor and does not offer or provide investment advice or other financial advice. Nothing on this website constitutes, or should be relied on as, investment advice or financial advice of any kind. Specifically, none of the information on this website constitutes, or should be relied on as, a suggestion, offer, or other solicitation to engage in, or refrain from engaging in, any purchase, sale, or any other any investment-related activity with respect to any transaction. You should never make an investment decision on an investment based solely on the information on our website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an investment.
Comments