Cardano Price Stalls at Trendline as Buyers Show Caution
Cardano's price has been retesting an important trendline for weeks, and while it has seen some buying pressure every time it gets close to this level, the recent approach looks different. Unlike previous times when buyers stepped in on nearly every test of the line, this time the price is showing hesitation rather than a clear bounce.
The third retest of this trendline was particularly notable, it sparked an almost 12% upmove before the price pulled back to test the line again. However, this time the chart has broken below two EMAs and is showing early rejection at the current retest.
According to technical analysis, a sustained close above $0.1999 could open the way toward $0.2322. On the other hand, a confirmed close below $0.1534 would invalidate the current bullish structure. The chart's momentum oscillator RSI has already flagged two bearish divergence signals during this move.
Liquidations are also mixed, with short-heavy over the past hour but long-heavy across the 4-hour and 24-hour windows.