Long

ADA 4-Hour .. New Clean Chart, Trade active

Forget the past and move on to another Fresh Look.

Because of the Higher TF's (like the 3-Day) and especially the Daily, urgent for a reset within their indicator levels. We find PA reacting to this as a massive downtrend. PA has to do this, and as a result, traders can confidently enter into new LONG positions.
I have identified TWO trading channels that are merged together because of this large move.

How to trade now? Here is a visual note I have added for us.

Identifying a solid Daily Trend position can help immensely with decisions on placing an order. This can help us expect certain trading results. With or Against the Daily Trend you have identified, can help with a limited movement towards the Middle Trend Line for a bounce and/or a Larger movement away from the Middle Trend Line.

Good Luck !!

This is only a piece of the puzzle, a piece that can help us with a piece of mind while trading.

Note

Smoothed Moving Average ... simple indicator in Trading View's Library.

Note

Cardano has some quality support building. That's refreshing to see. Long Term Indicators certainly have a grip on our overall crypto markets. The 3-day controlled that last down dip, and the Weekly and Monthly indicators are more laggey, however can have significant impact on our trades. These laggey indicators do have wiggle room for upside trading. Eventually these long term indicators do/can/will/absolutely find negative ground and eventually turn upwards. When? Those indicators take months for that to play out, and they can also curve upwards without bottoming out, before they turn again to the downside. The negative downside trajectory has influence on PA when smaller PA TF's (Price Action Time Frames) need resetting.
Meaning the downside can be very quick to react.

Many alt coins have the larger TF's bottoming out and curving upwards... we have the Majors, like BTC where it's larger TF indicators are not nearly ready to continue a strong uptrend.

For Cardano, (referring to the original chart posted above) we need PA to move above the "White Zone", moving PA into the upper channel trading. That would be a nice support level to hodl for Cardano.
Since PA is still in the lower channel trading zone, a double bottom to 51 cents is possible. We are in a discount zone now for purchasing more Cardano or entering into a trade. Might have to hodl on to a lossing position till PA take off into the upper zone and beyond, if you do take the buy risk now.

Short term...today - next week. I see pricing turning for the upside and passing through the "White Zone", with a low chance for a -15% or greater dip.
We might see 75 cents support and as low as 69 cents support being pounced on.
..I might place a spike order down there just incase..
Expect a resistance bounce around 88 cents and 90 cents, before PA gets into the mid-90 cent ranges.

Quartz-

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