Corrective Wave

Cardano's 4-hour timeframe reveals a bearish primary trend with expected price fluctuations between the channel's boundaries. The recent price increase appears as a temporary corrective wave. Anticipation of a decline after hitting the channel's top and forming a bearish pattern. The critical point is the support level, where a breach could lead to further price drops.

2/3/20241 min read

Cardano analysis - Bearish primary trend on the 4-hour timeframe with expected fluctuations within c
Cardano analysis - Bearish primary trend on the 4-hour timeframe with expected fluctuations within c

The trend of Cardano in the 4-hour timeframe indicates that its primary trend is bearish. Price fluctuations are expected between the channel's boundaries. The recent price increase seems to be a temporary corrective wave. It's anticipated that after hitting the channel's top and forming a bearish pattern, the price will decline again. The key point is the support level, whose breach could lead to further price drops.