In the chart, I have outlined the key resistances for Cardano.
The first one is at roughly 620 satoshi - we have seen several attempts at breaking it, so far without success. If a major reversal sign appears then it is time to go short, but for now the trend is clearly bullish and the 50-day moving average has crossed the 200-day moving average which is a major bullish sign, i.e. the golden cross. As the chart depicts, we are seeing a build up around 620, which is usually an indication that a breakthrough is about to happen. If we see a clear breakage of 620 with strong volume then we will likely see a move toward the 700 satoshi resistance.
The 800 satoshi resistance, if broken, will likely propel Cardano toward the huge 1142 satoshi resistance which goes back to Cardano's inception. Except this resistance to be major.
When the time comes there are also significant resistances around 2000, 2600, 3000, 3400, 4100.
Keep your stop losses tight around these areas.
The first one is at roughly 620 satoshi - we have seen several attempts at breaking it, so far without success. If a major reversal sign appears then it is time to go short, but for now the trend is clearly bullish and the 50-day moving average has crossed the 200-day moving average which is a major bullish sign, i.e. the golden cross. As the chart depicts, we are seeing a build up around 620, which is usually an indication that a breakthrough is about to happen. If we see a clear breakage of 620 with strong volume then we will likely see a move toward the 700 satoshi resistance.
The 800 satoshi resistance, if broken, will likely propel Cardano toward the huge 1142 satoshi resistance which goes back to Cardano's inception. Except this resistance to be major.
When the time comes there are also significant resistances around 2000, 2600, 3000, 3400, 4100.
Keep your stop losses tight around these areas.