Cardano has been very bearish after the highs of 3.00 hit last summer, so let's examine what my steps are for this one to consider it a buying opportunity again.
The cryptos have been pretty bearish for a while with a few exceptions but Cardano is really falling off hard lately.
The far left chart is the weekly time frame and there we can really see that 3.00 resistance hit last August. The previous resistance was around 2.40 in May 2021 on that rally.
The 1.00 price we can see the strong support I point out with the 3 black arrows and now price is below that key support.
The middle daily chart I point out the January rally where 1.60 resistance was hit. The support and then resistance at the 1.20 mark is very obvious on this daily time frame. Lastly the recent 1.00 resistance. Support becomes resistance and resistance becomes support.
The right chart is the 4 hr and for now the next important support levels are .80 and then .75.
As a starting point I would need to see Cardano back above .90 but really getting back above that important 1.00 price level would then give me confidence on this one.
When you see something like this in such a strong downtrend it is impossible to know where the bottom will be, it is best to see if those support levels hold up and we get that rally back above the mentioned levels.
The cryptos have been pretty bearish for a while with a few exceptions but Cardano is really falling off hard lately.
The far left chart is the weekly time frame and there we can really see that 3.00 resistance hit last August. The previous resistance was around 2.40 in May 2021 on that rally.
The 1.00 price we can see the strong support I point out with the 3 black arrows and now price is below that key support.
The middle daily chart I point out the January rally where 1.60 resistance was hit. The support and then resistance at the 1.20 mark is very obvious on this daily time frame. Lastly the recent 1.00 resistance. Support becomes resistance and resistance becomes support.
The right chart is the 4 hr and for now the next important support levels are .80 and then .75.
As a starting point I would need to see Cardano back above .90 but really getting back above that important 1.00 price level would then give me confidence on this one.
When you see something like this in such a strong downtrend it is impossible to know where the bottom will be, it is best to see if those support levels hold up and we get that rally back above the mentioned levels.