FX.co ★ Cardano rejection at resistance trend line

Cardano reached as high as $2.134 yesterday and $2.095 earlier today. Price is now at $2.01 showing rejection signs at the resistance trend line coming from $3.09. Price recently broke out of a triangle formation and combined with the inability to push above the resistance trend line, we get bearish signals.

Green lines - Fibonacci retracement

Staying below the red resistance trend line will eventually push price towards the 61.8% Fibonacci retracement at $1.79. This is important support area and highly probable trend reversal level. If price continues making lower highs like it did yesterday, we should expect soon the next downward leg that will eventually push price again below $1,90. If bulls manage to recapture $2.14, we should consider that the October 27th low around $1.84 is a major low.