Cardano faces Bearish H & S by Erasing Breakout Pop by Half

Cardano faces Bearish H & S by Erasing Breakout Pop by Half

In the early European trading hours on Friday, after erasing more than half of its bullish breakout move in the previous session, Cardno gained some positive traction.

ADA a blockchain asset, that skyrocketed to more than 2.25 percent to $1.25 into the ongoing intraday session. Its move uphill started near a session low of $1.178. At its intraday high, ADA was changing hands for as much as $1.298. The $1.178-1.298 range pretty much made for the trading area on Friday.

Nonetheless, the area appeared way below ADA’s week-to-date high achieved on Thursday. The Cardano token surged to $1.498 in a bullish move that appeared after it broke out of a technically bullish pattern — a Descending Triangle with an upside target near $1.50

A strong upside rejection near $1.50 triggered a cascade of selling orders, crashing ADA down by more than 21.50 percent. The downside correction nearly wiped out half the bullish breakout move, underscoring that ADA needs to rebuild its bullish momentum near lower levels or risks extending its bearish correction even further.

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