Cardano (ADA): Waiting For Breakdown Of Triangle Formation!

2024年6月3日

Cardano is looking nice, forming a triangle, pressing both the lower and upper sides, and tightening the end gap of the triangle.

We are keeping an eye on the formation and also the EMAs here, which are indicating a potential further drop to happen here.

The reason is simple: We had a nice liquidation on April 12th, and we had some small re-tests (but they were weak), which indicate a potential further drop to happen.

So as long as we hold EMAs and move inside the triangle, we should be good for a possible downward movement here!

Swallow Team

2024年6月4日

註釋

Looking at Cardano on a smaller timeframe, we see a small resistance has formed between 100 and 200 EMA.

As we are looking for an exit from a triangle formation on a bigger timeframe, we look at that local resistance, which seems to hold the price well so far, might be an indicator for a good rejection and breakdown of the formation!

2024年6月5日

註釋

Cardano is showing the first signs of early weakness near the local resistance zone.

After getting a smaller rejection from 200 EMA, Cardano has been slowly moving back to the lower zones, possibly touching the lower side of the triangle formation for a re-test!

2024年6月9日

註釋

Cardano had an interesting week where it maintained the zone below the middle line of Bollinger Bands and is now looking to secure that breakdown. If all plays out nicely, we should see further downward falls from here.

2024年6月15日

註釋

After that good rejection from middle line of bollinger bands, the price os cardano has been seeing a nice downward movement, breaking also down from the local trend line.

✅ Price has moved 11.11% so far