Cardano price must defend this level for a chance of jumping towards $0.17

Cardano price remains contained inside an ascending triangle pattern on the 12-hour chart.
An important indicator is on the verge of presenting a buy signal for Cardano.

Cardano has lost the 12-hour chart uptrend and it’s struggling to defend a critical support level at $0.144. Although bears are in control of the short-term, bulls still have a chance to comeback if they can hold.

Cardano price must defend $0.144 to survive

Cardano is currently trading at $0.147 after a small bounce from the significant support level at $0.144, which is the lower trendline of the ascending triangle on the 12-hour chart. This is a critical point that must be defended.

ADA/USD 12-hour chart

The 50-SMA resistance level at $0.155 is the next hurdle for the bulls. A breakout above that point, turning the moving average into support, will most likely push Cardano price towards the upper boundary of the pattern at $0.173. Additionally, the TD Sequential indicator has formed a red ‘8’ candle which is usually followed by a buy signal, giving even more credence to the bullish outlook.

ADA/USD 12-hour chart

However, if bulls cannot defend the $0.144 support level, bears will remain in control targeting a long-term price of $0.082.

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.