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Technical Analysis of Intraday Price Movement of Cardano Cryptocurrency, Friday November 08, 2024.
Technical Analysis of Intraday Price Movement of Cardano Cryptocurrency, Friday November 08, 2024.
Crypto-currencies
2024-11-08 04:23:26
Although on the 4-hour chart, the Cardano cryptocurrency is seen moving harmoniously within the Bearish Pitchfork channel, the failure of the price movement of this cryptocurrency to test the Lower Line of the Bearish Pitchfork and the strong support level of 0.33416 has held back the decline of Cardano, plus confirmation by the appearance of deviations between the price movement and the EMA 21 which intersects the Golden Cross with the EMA 34 which is accompanied by the price movement of Cardano which is now above both EMAs, giving an indication that Buyers have started to re-enter and are now trying to bring Cardano to the Middle Line of the Bearish Pitchfork and/or to the level of 0.43698. It is possible that after testing this level Cardano will experience a decline again, but as long as it does not break through and close below the level of 0.33861, Cardano still has the opportunity to strengthen again to the level of 0.49442.
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