Cardano Finds Support? Too Early To Say? Not Really...

AlanSantana Updated   
BINANCE:ADABTC   Cardano / Bitcoin
Here I have the Cardano (ADABTC) chart for you, it is made with the intention of being simple and easy to read/follow, while at the same time it can be entertaining or simply show you the direction in which I believe Cardano will go.

Today's candle is looking really strong for ADABTC.

With this type of chart, another drop can easily follow before the bullish move, but I am getting the feeling that ADA might start to grow from here.

First, the 0.618 Fib. retracement support has been hit and the lower part of the ascending channel as well, this can lead to a move to the upper side of the channel.

Hidden bullish divergence is also present with the RSI.

Many other altcoins are starting to bounce from support and trying to move higher.

Will Cardano start to grow now?

You can look for the following levels for your answer.

  • If ADABTC can break and stay above EMA10, it is a signal that it is aiming higher.

  • If instead not enough momentum is garnered and prices move below the last low, now sitting at 0.00000447, then ADABTC can easily move lower.

As it is shown by the green arrow on the chart, I believe that Cardano will start to move up within the week.

What's your take?

Thanks a lot for reading.

Alan Masters.

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