ADAUSD is looking for the 1D MA50
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Cardano is one of the coins that has seen extraordinary gains already during the first week of the year. However as most coins did, it is seeing a retracement since yesterday. That shouldn't come as a surprise as on the 1D time-frame, the RSI hit a Resistance Zone that is holding since January 2018!
More precisely, since April 2019, every test of that Resistance resulted in (approximately) a -25%, -35% and -45% correction (of course I exclude March's COVID meltdown which is non-technical). The 1D MA50 (blue trend-line) has been able to contain most such pull-backs (with the exception of May 2019, Feb 2020 and Sept 2020 which found Support on the 1D MA200 (orange trend-line)).
Based on the above it makes sense for ADAUSD to stay sideways for another 1-2 weeks until it makes contact with the 1D MA50 and then continues its bullish trend .
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More precisely, since April 2019, every test of that Resistance resulted in (approximately) a -25%, -35% and -45% correction (of course I exclude March's COVID meltdown which is non-technical). The 1D MA50 (blue trend-line) has been able to contain most such pull-backs (with the exception of May 2019, Feb 2020 and Sept 2020 which found Support on the 1D MA200 (orange trend-line)).
Based on the above it makes sense for ADAUSD to stay sideways for another 1-2 weeks until it makes contact with the 1D MA50 and then continues its bullish trend .
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
--------------------------------------------------------------------------------------------------------
!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!
π π Shout-out to TradingShot's π° top TradingView Coin donor π° this week ==> Zivul33
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