Today we take a closer look at Cardano and IOTA. After a more positive start to the week, especially for altcoins, we will see if ADA and IOTA can continue. Are we seeing a bullish week for these altcoins?
Sometime
- Cardano chart analysis
- Cardano daily chart
- IOTA chart analysis
Cardano chart analysis
Source: Trade View*
While yesterday the entire altcoin market benefited from rising prices, Cardano (ADA) retreated. We are currently trading around USD 0.46 and remain almost unchanged.
We see a small sideways movement on the 4 hour chart and we have minor problems at the weekly resistance P. We should break it as soon as possible to pick up the pace.
If we can do that, the next stop could be around $0.50. This is where the weekly resistance R1 resides and is in perfect confluence with our previous resistance area.
Cardano daily chart
Source: Trade View*
There is still a light below us on the daily chart, which might bother us a bit. It is around $0.40 and was formed with a very high trading volume.
For us, this means that a multitude of positions have entered the market and are now clearly yielding profits. We must not deny that we will never see the region again.
However, if we reach higher levels near $0.53, we will have broken out of the bearish trend for some time and can say goodbye to $0.40 (for now).
IOTA chart analysis
Source: Trade View*
IOTA has not really taken any profits yet, but has been able to develop a small upward trend. We managed to clear the weekly resistance P and we are currently near $0.28.
On the 4 hour chart, our initial resistance level is near $0.29 and $0.31. At the same time, we can form a double bottom chart pattern here that will add to our bullish momentum.
The technical price target would then be around $0.36 – $0.38. However, we will not break down the overall trend here. To do so, we must continue to break above the $0.40 area.
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