Cardano price on monthly lows 📉

11:00 AM October 3, 2022

Cryptocurrency quotes have not been doing well recently. The Cardano exchange rate, despite strenuous attempts to rebound, has again returned to the area of multi-month minima, such low levels have not been observed since February 2021. Looking in terms of technical analysis, the situation looks bad. Lower lows and lower peaks have been drawn for a long time, and recent attempts to make a correction are getting weaker and weaker. Cardano D1 interval. Source: xStation5

Looking at the chart in a closer perspective, we can see that the price is just testing the lower limit of the triangle formation. Given the long-term downtrend, a downward breakout seems more likely. If the support zone at 0.4050 is breached, the downward movement could accelerate, especially given that there may be a lot of stop orders below it. Then the textbook range of the breakout is even 0.1180. On the other hand, if the support zone marked in green is defended, a move towards the upper limit of the triangle formation is possible.

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Cardano D1 interval. Source: xStation5

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