Today I attempted to sell Cardano with a stop-loss order placed at 0.16287 and a take-profit order at 0.15737. Cardano, on the M15 timeframe, formed a series of lower highs and lower lows, a key characteristic of a downtrend. As long as this pattern remains unchanged, the safer assumption is that the bearish trend remains in effect, and selling opportunities are more likely.
My open sell position on Cardano hit my stop-loss, resulting in a loss of $0.06. Cardano is currently attempting to break through the 200-day moving average (MA200) on the M15 timeframe, which acts as dynamic resistance. If successful, I believe Cardano has the potential to strengthen today.