While the crypto market watches a wavy course, Cardano (Island) remains on the radar of investors. The island, which is currently traded for $ 0.9588, is stuck in a symmetrical triangle formation. Technical analysts expect a 40 percent rise if the resistance of $ 1.06 is broken and the price can reach $ 1.27, he says. However, recent sales pressure and critical technical indicators show that investors should be careful.
Symmetrical triangular formation and possible breakage in the Cardano graph
Cardano’s price movement is in the symmetrical triangle formation that narrows. This structure usually indicates that the pressure on the market increases before a large break.
Currently, the island is stuck between $ 0.83 support and $ 1.06 resistance levels. If the price increases above $ 1.06, it can reach $ 1.27 with an increase of 40 %. However, the fact that large investors sell 180 million islands in the last week makes the expectation of rise. These sales may delay the price of the price overcoming critical resistances.
Technical indicators give mixed signals
The island is traded under its 20 -day ($ 0.9498 dollars), 50 -day ($ 0.9783 dollars) and $ 200 ($ 0.9941). This shows that the pressure pressure in the short and medium term is strong. The relative power index (RSI) is at the level of 44.19, that is, the over -selling zone. This level may indicate that buyers can soon activate.
However, although the MACD indicator tends to rise, the shrinkage of histogram rods shows that the momentum is weakened. Bollinger bands reveal that the price is very close to the lower band ($ 0.8738). This shows that the island can rise up to $ 0.9939 with a reaction in the short term. However, if the buyers lose power, the support of $ 0.83 may be broken and the price may decline to $ 0.7616.
Short -term expectations for Cardano: Is it a break or decrease?
The short -term appearance of the island is still uncertain and tend to decline. The loss of $ 0.9166 support of the price may increase sales pressure. However, whale purchases and a strong break can rapidly bring the price to $ 1.27. Investors need to carefully follow the resistance of $ 1.06, because the breakage of this place can start a new wave of rise for the island.
