[ad_1]
Cardano could be due to a huge inversion from the previous long-term slippage as an inverse head and shoulder model was formed in its 4-hour time frame. The price has yet to exceed the resistance of the neckline at 0.0500 level to confirm that an uptrend is underway.
The chart model extends from 0.0280 to 0.0500, so the resulting uptrend could be of the same height. The 100 SMA is already above the 200 long-term SMA to indicate that the path of least resistance is upward or that the uptrend is more likely to continue rather than reverse.
The price is traded above both the moving averages to indicate bullish pressure and also to have two levels of dynamic support that keep losses at risk in the event of declines.
However, RSI is heading south after reaching overbought levels, so the price may follow the sellers' example. The stochastic is also lowering to confirm that the selling pressure is at stake. Both oscillators have a lot of ground to cover before hitting oversold levels, which suggests that bears may have the upper hand for a while longer.
The sentiment in the cryptocurrency sector has been mostly positive, and this has been able to keep most of the coins afloat. Based on the TIE.io data, Cardano's sentiment is in the positive zone for the daily interval.
At the beginning of the week, Cardano recorded an increase of 11% which brought the market capitalization to $ 1.27773B, or 0.92% of the total capital cap of the cryptocurrency in its highest percentage increase in one day from December 28th 2018.
If this type of feeling were to be sustained and possibly fueled by positive developments in other parts of the cryptocurrency industry, Cardano could be due to a technical breakdown that could lead to long-term gains. For now, operators may be waiting for these updates before establishing wider positions.
Source link
