ADA's Descending Channel
Cardano has shifted into a downtrend, evident in lower highs and lows, along with the formation of a descending channel. Anticipate price fluctuations within this channel. The blue box area serves as significant support; a drop below and stabilization could lead to a substantial ADA price decline. Conversely, if the support area holds and an upward pattern emerges, there's potential for minor growth up to the channel's ceiling. In summary, Cardano is generally in a bearish phase, but the preservation of the key support area may offer opportunities for temporary growth.
1/28/20241 min read
Cardano has exited the bottom of its trading range and entered a downtrend. This inference is made from the formation of lower highs and lows compared to previous ones, as well as the formation of a descending channel. Additionally, it is expected that the price within this channel will experience fluctuations.
The blue box area is considered as a significant and credible support. If the price falls below this area and stabilizes under it, a considerable drop in ADA's price is expected.
On the other hand, if this support area is maintained and an upward pattern is observed, it could indicate the potential for minor price growth up to the channel's ceiling.
In conclusion, Cardano is generally in a bearish phase, but with the preservation of the key support area, there is a possibility for temporary growth.