Cardano appears to be on the bullish side
Pattern:
It appears to be in an ascending triangle which tends to be a bullish pattern. The higher lows indicate bears are failing to drive the price any lower giving the ascending triangle more backing.
Ichimoku cloud:
The clouds are indicate very choppy price action and shows no general direction of price currently. The conversion crossed below the base line showing short term bearish price action.
MacD and RSI:
Also showing very choppy market conditions showing weak sentiment to both the bullish and bearish sides.
Trade analysis:
I would not enter a trade until there is a strong break to the upside above .63. Even then I'd be weary of going long since we are in a bear market with rising interest rates so I'd wait for a reversal pattern and enter short to the downside.
It appears to be in an ascending triangle which tends to be a bullish pattern. The higher lows indicate bears are failing to drive the price any lower giving the ascending triangle more backing.
Ichimoku cloud:
The clouds are indicate very choppy price action and shows no general direction of price currently. The conversion crossed below the base line showing short term bearish price action.
MacD and RSI:
Also showing very choppy market conditions showing weak sentiment to both the bullish and bearish sides.
Trade analysis:
I would not enter a trade until there is a strong break to the upside above .63. Even then I'd be weary of going long since we are in a bear market with rising interest rates so I'd wait for a reversal pattern and enter short to the downside.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.