Hey, Alkalites! Check this long-term scenario! As you can see here, we have seen Cardano growing non-stop for the last few weeks following a very obvious pattern. Also, retail momentum indicators were starting to show weakness above the $3 psychological level.
RSI Divergences were used as profit-taking events, which could have caused the breakout seen. This scenario may cause whales to appear and redistribute wealth again. We expect Cardano to rise above the $3 psychological level soon, just to gather some liquidity from short-sellers and triggering some late Take Profits. This should cause another movement to the downside.
We will keep an eye on Cardano to try to find the most accurate entry for our bearish bias, as long as volume and market conditions remain the same.
Let me know your thoughts below!
RSI Divergences were used as profit-taking events, which could have caused the breakout seen. This scenario may cause whales to appear and redistribute wealth again. We expect Cardano to rise above the $3 psychological level soon, just to gather some liquidity from short-sellers and triggering some late Take Profits. This should cause another movement to the downside.
We will keep an eye on Cardano to try to find the most accurate entry for our bearish bias, as long as volume and market conditions remain the same.
Let me know your thoughts below!
