Cardano (ADA) Technical Analysis: Is Reversal on the Cards as Bulls Start to Push Back?
Cryptovest
Published Sep 14, 2018 04:11AM ET
Updated Sep 14, 2018 05:20AM ET
Cardano (ADA) Technical Analysis: Is Reversal on the Cards as Bulls Start to Push Back?
Cardano has had a tough week so far, down 20% against Bitcoin (BTC) in the last seven days and ousted by Monero from the number nine spot. While many top 10 cryptocurrencies were showing stronger signs of recovery yesterday, Cardano was slow to regain ground, with many investors trading out into Tether (USDT) to prevent further losses.
The project recently announced a number of development updates in its roadmap, including a web-light wallet (Yoroi), but these releases failed to inspire much-needed bullish support.
As the market begins to recover, however, ADA is showing some signs that bulls may be starting to return to the asset.
Diving into the 4hr ADA/BTC chart, we can see the asset has been tracking consistently inside a falling wedge pattern since May this year. Market demand for ADA has been decreasing over the third quarter, with the price dropping by 50% since July.
These patterns are ...
This article appeared first on Cryptovest
Get The News You Want
Written By: Cryptovest
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.