Cardano broke out of a three-month range in early March but consolidated above the range, unable to climb past the $0.787 resistance yet.
was trading above the $0.7 demand zone and appeared to form a lower timeframe range between $0.7 and $0.787 at press time.highlighted that the trading volume was consistently high in March, measuring more than $1 billion on several days and crossing the $2 billion mark on the 5th and 6th of March.The lower timeframe charts showed consolidation and some loss in bullish momentum. Conversely, the weekly chart highlighted that the rally has more distance to cover.
Above the $0.8 resistance, the $1 and the $1.18-$1.24 were the next notable resistance levels. If the bulls can drive prices above $0.86, it would be likely that the $1.24 level would be tested next.The liquidation levels heatmap showed that there was an estimated $553 million in liquidations at the $0.8 level. This would likely attract prices to it, and the Cardano bulls might be able to drive the rally higher.
To the south, the $0.65 and $0.66 levels each have $250 million in estimated liquidations. A drop in prices below $0.7 could see these levels tested. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Akashnath is a Chemical Engineering graduate deeply fascinated by Technical Analysis and the crypto markets and enjoys studying price movements and trying to find patterns.Subscribe to get it daily in your inbox.
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