As analyzed and predicted on June 15, Cardano came back to re-test the trend line from the downside. The coin broke the trend line support on May 28 and then pushed higher to re-test the trend line that now acts as resistance - previous support. Since touching the trend line at 0.0000267, Cardano rotated back lower without making any significant correction.
The coin only briefly stopped at 0.0000220, as explained in the analysis from June 15, moved lower towards 0.0000200, reacted from that level and returned to re-test the 0.0000220 previous support, now resistance. However, since we are in the downtrend, the coin continued back lower and now testing again the 0.0000200 level. If the break occurs, watch out for the quick move to the big support level - 0.0000166.
At this stage, we advise to stay patient and wait for the potential test of 0.0000166 before conditions are staged for the more significant retracement.
The coin only briefly stopped at 0.0000220, as explained in the analysis from June 15, moved lower towards 0.0000200, reacted from that level and returned to re-test the 0.0000220 previous support, now resistance. However, since we are in the downtrend, the coin continued back lower and now testing again the 0.0000200 level. If the break occurs, watch out for the quick move to the big support level - 0.0000166.
At this stage, we advise to stay patient and wait for the potential test of 0.0000166 before conditions are staged for the more significant retracement.