Cardano upside stalls short of $0.28 after an 82% upswing since January 1. A sell signal on the 4-hour hints at an imminent breakdown, perhaps to $0.20. Cardano has been on a massive upswing since the beginning of the year. In less than seven days, the staking token has grown by more than 82% to exchange hands at the new yearly highs of around $0.2750. However, it seems that a reversal may come into the picture in the coming sessions, perhaps erase some of the gains made. Cardano’s 24% upswing could be in jeopardy ADA is doddering at $0.265 at the time of writing. Over the last 24 hours, the smart contract token has accrued more than 24% in gains and bagged nearly 44% in the past seven days. The sevenths largest cryptocurrency must close the day above $0.26 and preferably overcome the hurdle at $0.28 to sustain the uptrend towards $0.30. On the downside, losses will come into the picture if Cardano makes a daily close under $0.26. Besides, the Relative Strength Index shows that ADA/USD is in oversold conditions. Therefore, buying volume is most likely to decrease as the seller grip strengthens. A rejection from the current price levels will seek support at $0.20, $0.18, and $0.14, in that order. ADA/USD daily chart The TD Sequential indicator has presented a sell signal on the 4-hour chart in the form of a green nine candlestick. The pessimistic outlook suggests a correction in one to four daily candlesticks. A red two candlestick trading below a preceding red one candle could serve as confirmation that Cardano is poised to drop further. ADA/USD 4-hour chart The bearish narrative is likely to be confirmed if Cardano fails to break through the immediate resistance running from $0.259 – $0.266, as shown by IntoTheBlock’s IOMAP model. Here, 502 addresses had previously bought roughly 17 million ADA. Cardano IOMAP chart On the downside, the most robust support is highlighted between $0.228 and $0.0.236. Approximately 1,300 addresses had previously bought nearly 16 million ADA in the range. Upward correction is unlikely to continue. Hence the possibility of a correction or consolidation taking precedence in the near term. On the other hand, a bullish picture will come into the picture if ADA/USD embraces support above $0.26. Moreover, trading past the stubborn resistance at $0.275 may open the road for gains towards $0.30 and perhaps restart the uptrend aiming for $0.4. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next USD/TRY Price Analysis: Fades bounce off 200-day SMA FX Street 1 year Cardano upside stalls short of $0.28 after an 82% upswing since January 1. A sell signal on the 4-hour hints at an imminent breakdown, perhaps to $0.20. Cardano has been on a massive upswing since the beginning of the year. In less than seven days, the staking token has grown by more than 82% to exchange hands at the new yearly highs of around $0.2750. However, it seems that a reversal may come into the picture in the coming sessions, perhaps erase some of the gains made. Cardano’s 24% upswing could be in jeopardy ADA is doddering at $0.265 at… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.