Cardano Analysis (ADA) Wednesday, March 10
Matt Cardano Digital has taken a low-swing trend after crossing the border of the regular triangle pattern. According to this model, Cardano has a goal of $ 1.56.
According to the IOMAP chart, Cardano is on the rise in the absence of strong resistance. However, the $ 1.15 to $ 1.18 resistance range is particularly important. In this price range, over 2.1 billion Cardanos have been purchased by 38,250 user accounts.
Prices are currently above the level of a significant self-stabilization support. According to the IOMAP chart, about 147,000 accounts have purchased 5.1 billion of these digital currencies in the $ 1.11 to $ 1.15 range.
Looking at the four-hour timeframe, we notice the formation of a regular triangle pattern and its breaking. According to this pattern, the price is likely to grow by 34% to $ 1.56. Despite the breaking of this pattern, the uptrend of stability is still not formed. On the other hand, stabilizing the high price of moving average indicators is necessary to form an uptrend.
Similarly, if the MACD indicator is above the signal line, then the $ 1.56 target can be predicted with more confidence.
On the other hand, if the price penetrates below the levels of 50 and 100 moving average indicators in the four-hour time frame, a downward trend is formed and if the price returns to the triangle pattern range, one can expect a further fall in price.