Cardano breaks triangle pattern to the downside.

Cardano is trading below $2 after breaking below the short-term triangle pattern. A bearish signal has been given on Wednesday, while price is consolidating near recent lows. Short-term trend is bearish and price is vulnerable to more downside.

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Red line - resistance

Green lines - FIbonacci retracement levels

Black lines- triangle pattern

Cardano is making lower lows and lower highs. Cardano has resistance at $2.13 at the red downward sloping resistance trend line. As long as price is below the red resistance trend line, Cardano is vulnerable to a move lower towards $1.79. Next target below $1.79 is at $1.44.

The material has been provided by InstaForex Company - www.instaforex.com

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