✴️ Cardano, Top Or No Top?Look at the difference between these two patterns:
1) The first one showed up late Nov/early Dec and is a bullish pattern, a triangle as continuation.
2) The second is current and is a bearish pattern, a rounded top.
Cardano (ADAUSDT) grew by 209% within 5-6 months.
While many people are ready for mORE, a correction can develop here without problem but there can also be additional growth.
The volume behaviour supports additional growth as it continued to rise all through December 9.
The top pattern though is bearish and the RSI trending lower as well, so we have some mixed signals.
Currently, prices trade below EMA10 but this has not being confirmed yet.
When we look around, many pairs are bearish and also closed below EMA10/EMA21, closed bearish weekly, peaked and some are trading several levels lower already. Since the market is connected, we can expect Cardano to follow the same pattern even if it produces a last jump.
Think of Avalanche (AVAX), Tellor (TRB) and Injective Protocol (INJ).
You can see them producing one final jump just to enter their corrective phase.
Still not sure?
That's ok!
Just be cautious and prepare for all scenarios... Prepare for the worst, hope for the best.
The correction should be short-lived lasting at maximum a few months. Once the correction is over, we get major bullish growth.
Namaste.
