Lorenzo Stroe
Independent Analyst
- Cardano price is contained inside a symmetrical triangle pattern on the 12-hour chart.
- The digital asset trades right in the middle of the pattern awaiting clarity.
- It seems that bears have taken control of the short-term trend.
Cardano attempted to crack the 2020-high of $0.182 on December 17, but bulls came off short and only managed to push ADA to $0.176 before a violent sell-off in the next four days. It seems that bears are pushing Cardano price towards $0.14.
Cardano price awaits a clear breakout
ADA has formed a symmetrical triangle pattern on the 12-hour chart and it’s trading at $0.152 at the time of writing. Bulls have lost the 50-SMA support level and it seems that the next bearish price target is the lower trendline of the pattern at $0.14.
ADA/USD 12-hour chart
However, bears would still need to crack the critical support level at $0.14 in order to see a clear breakdown. Using the height of the pattern as a reference point, we can estimate the most likely price target to be at $0.1.
ADA IOMAP chart
The In/Out of the Money Around Price (IOMAP) chart shows very little resistance to the upside. It seems that a breakout above the area between $0.157 and $0.162 can easily drive Cardano price towards $0.18.
That breakout would also represent cracking the symmetrical triangle pattern with a price target of $0.22 in the long-term.
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