Cardano: sideways trend is coming
Cardano remains in the bear trend on the Daily price chart. The first targets were already reached and the market is in the correction wave now. A pullback selling opportunity will appear after the correction is finished and a bearish candle is formed on the Daily timeframe.
However, a sideways trend is likely to start between the resistance level with the borders of $0.466 – $0.482 and the support level with the borders of $0.423 – $0.430.
The potential for the downward movement is limited since the support level can be reached within one day.
In this case, one should look for a buy entry point after breaking through the resistance level. The target for the upward movement will be around the next resistance level formed on August 13 – 17. The borders of this level are $0.57 – $0.595.
However, a sideways trend is likely to start between the resistance level with the borders of $0.466 – $0.482 and the support level with the borders of $0.423 – $0.430.
The potential for the downward movement is limited since the support level can be reached within one day.
In this case, one should look for a buy entry point after breaking through the resistance level. The target for the upward movement will be around the next resistance level formed on August 13 – 17. The borders of this level are $0.57 – $0.595.
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