Cardano – Hourly Chart
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Investing.com – After peaking at $1.6350 overnight from Monday to Tuesday, after rising more than 30% in 3 days, the (ADA) began to collapse in the early hours of the day yesterday, and currently sits at 1.3720, down more than 16% in just over 24 hours.
Recall that last weekend and Monday, Cardano was on the rise while most other cryptocurrencies fell, in particular due to the announcement of on its blockchain.
But risk aversion eventually caught up with Cardano, leading to a correction no doubt exacerbated by profit-taking, given the sharp rise of the past few days.
Recall that yesterday cast a chill over investor sentiment, proving to be below expectations, which led to a 7% plunge in the action of the famous bank, affecting the entire market, having fallen of 1.80% and the of 2.6%.
Cardano technical analysis
From a chart perspective, note that Cardano’s plunge from yesterday morning’s high has brought the cryptocurrency back into touch with an uptrend line visible on the hourly chart from the January 10 low.
A confirmed break below this line would be a negative signal that could put the next potential support at $1.35 in sight, ahead of $1.30. On the upside, a return above $1.42/$1.43 would improve Cardano’s short-term profile.
In this case, the first potential bullish target to consider is the area composed of the psychological threshold of 1.50 and last night’s high at $1.53.
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