๐ Daily TA: Cardano (ADA/USD) | 06-10-2021
Hodl, dear members of LeoFinance!
Today I would like to comment on the price chart of Cardano.
In the 4-hour chart (4H), ADA/USD has formed a Bullish Flag (typical trend continuation pattern): As can be seen from the chart, right now, the price is testing the upper line of the flag. If a breakout takes place then the uptrend may resume.
However, in order for the breakout to happen, in the 1-hour chart (1H), the price has to exit the Symmetrical Triangle (typical trend continuation pattern) in the upward direction:
As can be seen from the chart, the price is already in the final part of the triangle. However, there is still no clear signal in which direction the price will exit the triangle. That's why it is better to wait for a clear signal in order to take an action.
To be continued ...
As of the time of writing, one ADA costs $2,19 on the Binance crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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