FX.co ★ Cardano: bearish pattern violated

Cardano registered a strong growth in the last trading session. Now, it is trading at 0.3802 at the time of writing. It has increased by 8.98% from yesterday's low of 0.3549 to 0.3868 yesterday's high.

In the last 24 hours, the altcoin is up by 3.20% but it's down by 0.30% in the last 7 days. Bitcoin's upside continuation should help Cardano to resume its growth.

Cardano 0.3774 Static Support!

Technically, the price rallied within an up channel but now it has dropped below the flag's support signaling that the leg higher could be over.

Still, as long as it stays above the 0.3774 static support, the altcoin could develop a new bullish movement.

Cardano Forecast!

Dropping and closing below today's low of 0.3754 activates more declines. This is seen as a selling opportunity. A new higher high invalidates the downside scenario and indicates an upside continuation.