Cardano Hits New Bearish Milestones, Time For Up?

Aug 19, 2019

Cardano (ADABTC) hit a few milestones last week by hitting a new all-time low (on Binance) and also hitting its lowest ever on the RSI.

Let's look at this on the weekly time frame:


Zoom in:

• If we look closer, we can see a hammer candlestick, which is bullish on this setup, as well as negative 9 count on the TD Sequential.
  
• The MACD histogram is moving in favor of the bulls and the RSI is at its lowest as mentioned above.
  
• We are seeing good potential for a change of trend in just a few weeks if not earlier...
  

Let's take a look at the daily chart now, this is the main chart above:

• Here we can see a bullish engulfing candlestick pattern on the day the new all-time low was hit.
  
• After this pattern, we now have ADABTC trading above EMA10, which gives it bullish potential.
  

If Cardano (ADABTC) can remain above EMA10 (0.00000476), we can expect for it to move higher and test the next resistance at 0.00000591.

On the bearish side, the last low should be our main support. With decreasing volume and bears going out of the picture, this is the less likely scenario, but we still remain open and prepared for both (up or down - sideways).

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Where do you think that Cardano is headed next?
Will it move up here or will it crash some more?

Share your thoughts with us in the comments section below!

Namaste.