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03.03.2022 03:38 PM
Cardano remains in a bearish trend.

Cardano remains in a bearish trend since September of 2021 when it peaked at $3.08. Since then price is making lower lows and lower highs. Price is under the Ichimoku cloud with bulls unable to break above the cloud resistance.

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Price is clearly below the Kumo (cloud) confirming bearish trend. Price is above the tenkan-sen (red line indicator) but below the kijun-sen (yellow line indicator). The kijun-sen is resistance at $0.9965. Breaking above this level will open the way for a push higher towards the cloud resistance at $1.20. In order for trend to change to bullish in Ichimoku cloud terms, bulls will need to recapture $1.28. The Chikou span (black line indicator) is also below the candlestick pattern. A break above the candlestick pattern is what bulls need to see in this chart. Until then bears remain in control of the trend.
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