Cardano’s price is still declining after failing to break above significant resistance levels on both USDT and BTC paired charts.
Yet, there is still a likelihood for further upside in the coming weeks.
By Edris Derakhshi (TradingRage)
The USDT Paired Chart
On the daily chart of the ADA/USDT pair, the asset has gradually dropped since getting rejected from the key $1.3 resistance level. It is clear that a bearish trendline has been pushing the price lower on multiple occasions, but the $0.75 support level is still holding.
Therefore, if the market is able to break the bearish trendline to the upside, another turn toward the $1.3 level and even higher could be expected.
The BTC Paired Chart
Looking at the ADA/BTC pair on the daily timeframe, things are quite similar to the USDT pair, with one significant distinction. The market has seemingly already lost the 1000 SAT level, as it is consolidating below it.
With the price also creating a small head and shoulders pattern earlier, it is likely for the market to drop toward the 200-day moving average, located around the 700 SAT mark, in the short term. This scenario would be invalidated if the price could climb back above the 1000 SAT area.
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Cryptocurrency charts by TradingView.
