FX.co ★ Cardano forming a bullish wedge pattern.

Cardano remains in a bearish trend making lower lows and lower highs. Although price is making new lower lows, the RSI is not. The bullish divergence in the RSI justifies a reversal to the upside and a bounce towards $1.

Green lines- bullish wedge pattern

Cardano price has formed a bullish wedge pattern with resistance at $0.84. A break above this level combined with the bullish RSI divergence, would be a bullish signal with first target the $1 price level. Until then bears remain in control of the trend. The trend according to the RSI is weakening. That is why traders need to be cautious as a reversal is imminent.