#Cardano
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๐พ๐๐ง๐๐๐ฃ๐ค ๐๐ง๐๐๐ ๐๐๐ง๐ ๐๐๐ฉ๐ฉ๐๐ง๐ฃ ๐๐๐๐ฃ๐๐ก๐จ ๐ 46% ๐พ๐ง๐๐จ๐ ๐๐จ ๐ผ๐๐ฉ๐๐ซ๐ ๐๐จ๐๐ง๐จ ๐๐๐ก๐ก
Cardano price rose for two straight days, mirroring the performance of most cryptocurrencies. However, it is likely that ADA price will erase these gains after forming an inverse cup-and-handle, a death cross, and as the number of active users fall.
Cardano trades at $0.584, with CoinMarketCap data showing that its 24-hour volume of $1.24 billion. Its market capitalization has risen to $20.6 billion.
The daily timeframe shows that the Cardano price has retreated after peaking at $0.863 on May 12. It formed a death cross pattern on June 4, as the 50-day and 200-day Exponential Moving Averages crossed each other. A death cross often leads to more downside as it signals that bears have prevailed.
ADA price is also slowly forming an inverse cup-and-handle pattern, a popular continuation sign. This pattern comprises a horizontal support, which in this case, is at $0.519. It also has a rounded top, whose upper side is at $0.863.
The handle section is characterized by a pullback or a consolidation, which is now happening. This handle section is then followed by a bearish breakdown.
The profit target in an inverse C&H pattern is established by first finding the height. In this case, the peak is $0.863 and its lower side is $0.519, giving it a height of $0.344. The breakdown point is the lower side of the cup at $0.519, giving it a target of $0.179 ($0.519 minus $0.344).
A move above the 200-day moving average at $0.703 will invalidate the bearish ADA price forecast.
