✴️ Cardano | Is The Correction Over?
We had a strong drop 9-Feb. but all losses have been recovered today, 14-Feb.
The low for this short time period happened exactly at the 0.382 Fib. retracement level for the last bullish wave.
If the market is really strong, this level can signal the end of the correction.
Today's action moves ADAUSDT back above EMA10 and EMA21.
The low bear volume and higher bull volume also indicates that the correction is likely over.
Looking at these signals together, the 9 to 14 Feb. drop can be seen as a shakeout move.
Something like the period from 16-Dec. to 5-Jan.
Now, things can change... But after years of bears action, it wouldn't be surprising to see a strong bull market... Either way, Cardano remains very strong above EMA50/0.382 Fib. retracement or the 0.3472/0.3552 price range.
Namaste.
The low for this short time period happened exactly at the 0.382 Fib. retracement level for the last bullish wave.
If the market is really strong, this level can signal the end of the correction.
Today's action moves ADAUSDT back above EMA10 and EMA21.
The low bear volume and higher bull volume also indicates that the correction is likely over.
Looking at these signals together, the 9 to 14 Feb. drop can be seen as a shakeout move.
Something like the period from 16-Dec. to 5-Jan.
Now, things can change... But after years of bears action, it wouldn't be surprising to see a strong bull market... Either way, Cardano remains very strong above EMA50/0.382 Fib. retracement or the 0.3472/0.3552 price range.
Namaste.
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