As many other coins, Cardano has been retreating for a while now and ultimately pushed and closed below the 100 DMA. Furthermore, the coin also closed below key Fibonacci level at 61.8% and will target 78.6% as next level of support.
Since the trend line has been touched three times in the past and fourth was a break, any retest of the same line will be used as an opportunity to sell rallies. Such retest happened yesterday and already today the price is pushing lower. Look for the continuation of this move in the next couple of days and trip to lower levels.
Support 1: 0.000022 (78.6% Fibonacci)
Support 2: 0.000017 (horizontal support)
Our advice is to wait for the potential test of the support 2 and look for long opportunities with stops below the support. In that case, first level of resistance would be previous support at 78.6%, while a more longer target should be retest of the diagonal trend line.
Since the trend line has been touched three times in the past and fourth was a break, any retest of the same line will be used as an opportunity to sell rallies. Such retest happened yesterday and already today the price is pushing lower. Look for the continuation of this move in the next couple of days and trip to lower levels.
Support 1: 0.000022 (78.6% Fibonacci)
Support 2: 0.000017 (horizontal support)
Our advice is to wait for the potential test of the support 2 and look for long opportunities with stops below the support. In that case, first level of resistance would be previous support at 78.6%, while a more longer target should be retest of the diagonal trend line.