Daily Technical Analysis Research – Cryptocurrency (CARDONA)

CARDONA (ADA/USD):

In my earlier article on Cardona, I noted my interest in observing how price action would respond to the internal resistance zone between $0.39 and $0.41. As shown below, the price rejected this zone precisely and continued to trend downward. For now, it appears we’re attempting to hold support following the breakout and may soon retest the descending trend line. At present, the price is trading just above $0.35.

Taking a deeper look at the technicals, we see that an ascending trend line is currently holding as support. If price fails to hold within these internal support zones, my next focus will shift to the original support range between $0.27 and $0.31. Additionally, note that we narrowly missed reaching the key 70% level on the RSI indicator, suggesting the price was slightly overbought when trading within the resistance zone.

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