CARDANO (ADA) Looks Like The Massive Fall Is Over! (-43%)
Updated
"At the moment we trade above the major down-trendline but if we go and retest this trendline then we go and test pretty low levels. Depends how fast we go and make the retest but we may go as low as $0.062."
Those were our words at 6. September, Cardano' made a massive drop (-43% since 05.09) and it touches our mentioned level almost perfectly! Cardano' got a bounce from $0.061 and currently, it fights with the round number $0.07. We have 4 attempts to break through from this level but all those attempts were unsuccessful and sellers pushed the price back below the $0.07. At the moment we are trying fifth times to break above this round number and let's see what we got after four-hour candle close.
Signs are bullish because yesterday we made a breakout from short-term down trendline (blue upper trendline)which will indicate that the price structure should be changing and we can make higher highs. We slowly start to catching up some EMA's and in the one-hour chart, we trade above the 50 EMA and most importantly the Bitcoin' shows also bullish signs!
If Cardano' breaks the round number then our targets are based on Fibonacci retracement levels (pulled from and previous support levels: 05.09 to 12.09):
1. Around $0.08 - like You see from the current example then round number starts to work as resistances, in this area is also Fibonacci retracement level 38% and strong area support/resistance area (red box)
2. Around $0.089 - in this area, we have a previously worked resistance level and the perfect Fibonacci retracement level 62%
So, those levels should be Your short-term target levels!
Hopefully, those levels and this analysis helped You out a little bit to confirm Your own analysis!
Please, don't forget to hit the LIKE button to support us!
Best regards!
Those were our words at 6. September, Cardano' made a massive drop (-43% since 05.09) and it touches our mentioned level almost perfectly! Cardano' got a bounce from $0.061 and currently, it fights with the round number $0.07. We have 4 attempts to break through from this level but all those attempts were unsuccessful and sellers pushed the price back below the $0.07. At the moment we are trying fifth times to break above this round number and let's see what we got after four-hour candle close.
Signs are bullish because yesterday we made a breakout from short-term down trendline (blue upper trendline)which will indicate that the price structure should be changing and we can make higher highs. We slowly start to catching up some EMA's and in the one-hour chart, we trade above the 50 EMA and most importantly the Bitcoin' shows also bullish signs!
If Cardano' breaks the round number then our targets are based on Fibonacci retracement levels (pulled from and previous support levels: 05.09 to 12.09):
1. Around $0.08 - like You see from the current example then round number starts to work as resistances, in this area is also Fibonacci retracement level 38% and strong area support/resistance area (red box)
2. Around $0.089 - in this area, we have a previously worked resistance level and the perfect Fibonacci retracement level 62%
So, those levels should be Your short-term target levels!
Hopefully, those levels and this analysis helped You out a little bit to confirm Your own analysis!
Please, don't forget to hit the LIKE button to support us!
Best regards!
Note
5th attempt was also unsuccessful and we go and retest the channel upper trendline which now becomes a support and if we fall inside the channel again then this could mean a trouble for Cardano!
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