Crypto News: Has Cardano started up a new leg higher

Crypto News: Has Cardano started up a new leg higher

Happy Monday. After a flat weekend, buyers have defiantly hit the new week with a lot more energy. After a hesitant start, buyers came back into the crypto markets during today’s Asian session.

In today’s European and London session we’re still seeing strong interest, with many of the top 10 continuing to hit solid gains.

Our focus today is on Cardano. Has today’s rally started to confirm a new leg high? What has our interest is the pattern before today’s action. We can see a clear LL that failed to hold and a new HL in May. We did see one attempt by buyers fail after they tested .6850. After consolidation, today’s move is a breakout with support at .5460 and minor resistance at .6040. We want to see price close above resistance today.

Looking forward, we want to see how buyers handle their latest move back into the last supply area. A break above or firm close, close to .68 would be a good sign buyers are in control of momentum. A close below 0.600 would worry, in our opinion.

Thanks for stopping by, and please check out or market update below the chart.

Cardano D1 Chart

 

Cardano Update Video (Powered by TradingView)

The post Crypto News: Has Cardano started up a new leg higher appeared first on Eightcap.

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Joseph Jeffriess, Market Analyst in Eightcap
Eightcap is one of the leading CFD brokers in the market, providing online trading services to a wide range of clients from around the world. They offer 1,000+ CFDs based on Forex, commodities, indices, shares, and cryptocurrencies. The well-established trading company was founded in Melbourne, Australia, in 2009, and is regulated by the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Securities Commission of The Bahamas (SCB).