Why it is imperative for Cardano to gather strength right now
Cardano was approaching the next higher low within a symmetrical triangle and was dangerously close to a breakdown from the pattern. A move below $2.07 could spiral into some unwanted losses by opening a route to $1.83.
This outlook was backed by the daily RSI, which was rejected at the mid-line after a fourth breakout attempt in nearly a month. At the time of writing, ADA traded at $2.13, up by a marginal 0.8% over the last 24 hours.
Source: ADA/USD, TradingView
Lower highs at $2.45, $2.37 and $2.14 combined with higher lows at $1.91, $2.07 and $2.12 gave rise to a symmetrical triangle setup on ADA’s daily chart. Currently trading below the 50-SMA (yellow) and 20-SMA (red), momentum continued to side with the sellers as ADA remained exposed
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