Island price analysis: Cardano on brink of 2-week Channel break, what next?

Island price rejected with significant resistance of $ 1.45
Island price stuck in rising channel for 2 weeks
25 MA acts as primary aid

Cardano stood in the 20-cent December for about 2 weeks as traders failed to break out. Ada’s price movement over the past 2 days has been bearish as bitcoin has failed to move higher. Many altcoins have exploded in recent days, but major restrictions such as LTC and XRP still remain. If BTC fails to reach above the $ 35,000 price December, a more negative situation could arise for the cryptocurrency market as a whole.

Read more: Cardano( ADA) surpasses bitcoin (BTC) and Ethereum (ETH); it is the most popular cryptocurrency

Cardano’s (ADA) price movement was generally weak and unchanged since it was pegged at least $ 1.00. Price created a rising channel supporting the Bulls and opposing the Bears. At the time of writing, the price was below the channel trend, indicating that buyers were still on the market. Failure to comply with the main support of $ 1.35 will result in a decrease of $ 1.30 for the next support. In the event of this decline, the island price will be broken by the 2-week trend, which is not a good scenario for further growth.

ADA price analysis: ADA / USDT 4-hour chart

Although the price movement showed a short-term downward trend, the island continued to hold Ma 25. If the price keeps that average, Cardano will have a good opportunity to climb to the top of the channel.

On this path, the island should and should stick to a medium-term trend line (shown in black). If this is considered successful, the basic test for the Bulls is $ 1.45. Pausing and holding this value will put the island on an upward trend above $ 1.50.

Looking at the MACD, we can conclude that the price movement is in a downward trend in the short term, because the MAs has passed the value below 0, returning to the downward zone. This setup can be harmful if the Bulls do not intervene with force. Stochastic RSI shows weak

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