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Disclaimer: The results of the following analysis are the author’s opinions only and should not be considered investment advice

As the dust settled in the Cardano market, the price started to form inside a symmetrical triangle. The end of the consolidation phase may lead to a sharp swing, but the direction is still unclear.

The following article explains two possible hacks that might be possible and specific conditions that must be met for each outcome. At the time of writing, ADA has a value of $2.46 with a market capitalization of $78.8 billion.

Cardano 4 Hour Chart

Source: ADA / USD, TradingView

After rebounding from $2.25, ADA formed a symmetrical triangle on the 4-hour chart. Now there are two possibilities to move forward. If the pattern acts as a continuation of the previous downtrend, a breakdown is likely. A bearish result would bring the ADA back near the $2 mark – another 17% drop below press time.

To confirm this result, sellers will need to force a close below the 200-SMA (green) and the swing low of September 8th at $2.25.

On the other hand, there is a possibility that the symmetrical triangle will act as a reversal pattern. In this outcome, a bullish breakout would place the ADA between $2.95 – $2.96. A close above $2.62 and the 50-SMA (yellow) will increase the probability of this rally.

However, it is important to note that there is likely to be a period of consolidation before a breakout is seen. Volatility has also been gradually easing as the major indicators move towards equilibrium levels.

Logic

The 4-hour RSI rejected a break above its half line and pulled back a bit as bears prevented further upside. This is confirmed by the directional movement indicator trajectory. -DI moved parallel to the +DI line and suggested that the downtrend is still active.

On the positive side, capital inflows have been good as Chaikin money flow has gradually shifted to higher levels. These inflows can be a fail-safe way in the face of an extended market downturn.

conclusion

The recent cryptocurrency sale has caused confusion in the ADA market. While a symmetrical triangle pattern has appeared on the charts, the direction of the breakout is not clear.

Indicators, at the time of this piece of news, were more inclined towards a bearish outcome. However, there seem to be valid arguments on both sides. Hence, the safest bet is to wait for the ADA to touch the above levels before making a long or short call.

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