15.03.202406:06 Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of Cardano Cryptocurrency, Friday March 15 2024.

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If we look on the 4 hour chart of Cardano cryptocurrency, it seems there is a deviation between the price movement with Stochastic Oscillator indicator, so that eventhough currently there are Golden Cross between EMA 20 & EMA 50 but Cardano has the potential to continue its weakness to break below EMA 200 as well as level 0.68425. If this level successfully broken donw and if the momentum and the volatility supporting enough, then it is not impossible that the next level to be aimed is 0.58049, however if on the way to those target levels suddenly Cardano return to the initial bias and managed to break above the level 0.80905, then the weakness and the downward scenario that has been described previously will be invalid and cancel itself.

(Disclaimer)

Arief Makmur
Analytical expert of InstaForex
© 2007-2024

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