Crypto analyst Dan Gambardello has conducted a technical analysis of major cryptocurrencies including Cardano, Bitcoin, and Ethereum during the current market consolidation.
Bitcoin and Its Formations
Dan Gambardello has identified a large inverse head and shoulders formation on the Bitcoin chart. Bitcoin is currently experiencing a pullback to the neckline area. The analyst notes that Bitcoin has completed the left shoulder and head sections and is now expecting the development of the right shoulder. Current support levels are at the 20 and 50 moving averages, with current figures slightly above the 50 at $103,000. The next major support level is at the 200-week moving average around $95,000.
Cardano Tests Support Levels
Gambardello revisits his April 4 analysis predicting Cardano price movement towards the high 40s support area. Currently, ADA is approaching the previously identified support confluence around 48-49 cents, where the lower trend line intersects with the 786 Fibonacci retracement level. The analysis shows that Cardano is undergoing multi-month consolidation, probing various Fibonacci levels. The 50-week moving average stands at about 65 cents, while the 200-week averages around 68 cents.
Ethereum and Consolidating Resistance Level
Ethereum continues to move sideways at the massive multi-year resistance triangle lower trendline. The price confirms the validity of long-term technical analysis projections. Recently, Ethereum tested this resistance level, where the 50-week moving average intersects with the triangle lower trendline. Further consolidation may lead to potential higher lows between $1,900 and $1,700.
Current support and resistance levels for Cardano, Bitcoin, and Ethereum suggest possible directions for these cryptocurrencies. The analysis shows that despite volatility, positive trends may continue to develop.
