Cardano accumulation is coming to an end Several days ago, on the October 23, Charles Hoskinson ( Input Output hong Kong co-founder) twitter an announcement. It the twit he stated that by the end of the month Cardano will be supported on Trezor hardware wallet.
The steps that Cardano is making towards the funds security seems very reasonable. This way ADA holders can get more sense of security for the invested capital, thus inviting large investors into play.
The interesting fact is, that on Tuesday, when the announcement was made, Cardano has tested $0.074 low. This is the 61.8% Fibonacci retracement level that has been rejected cleanly. Throughout this week price has been ranging between $0.077 and 0.074 support level, which was rejected 3 times already!
Currently, price is trapped in the triangle pattern, failing to break either above the downtrend trend line and below the uptrend trendline. The RSI oscillator is trading within the descending channel, and the break above might be the first bullish signal for ADA/USD. Second confirmation to look for is the break and close above the $0.0775, which might push price up to the «high volume» resistance at $0.0835 and potentially to $0.1 physiological resistance confirmed by 127.2% Fibs.
Considering the fact that the RSI is trending down and that ADA stays below the 200 Moving Average, the probability of the ADA dropping more down remains high. Break and close below the current support area, might seem like invitation to sell ADA at least for the short term. Buyers should be looking at the $0.067 and $0.060 levels, which might seem a lot more attractive comparing to the current price.
The battle between bulls and bears is obvious, and who will be the winner is yet to be decided by the market. The Cardano accumulation might have come to an end, and it just a matter of time before it breaks out.
The steps that Cardano is making towards the funds security seems very reasonable. This way ADA holders can get more sense of security for the invested capital, thus inviting large investors into play.
The interesting fact is, that on Tuesday, when the announcement was made, Cardano has tested $0.074 low. This is the 61.8% Fibonacci retracement level that has been rejected cleanly. Throughout this week price has been ranging between $0.077 and 0.074 support level, which was rejected 3 times already!
Currently, price is trapped in the triangle pattern, failing to break either above the downtrend trend line and below the uptrend trendline. The RSI oscillator is trading within the descending channel, and the break above might be the first bullish signal for ADA/USD. Second confirmation to look for is the break and close above the $0.0775, which might push price up to the «high volume» resistance at $0.0835 and potentially to $0.1 physiological resistance confirmed by 127.2% Fibs.
Considering the fact that the RSI is trending down and that ADA stays below the 200 Moving Average, the probability of the ADA dropping more down remains high. Break and close below the current support area, might seem like invitation to sell ADA at least for the short term. Buyers should be looking at the $0.067 and $0.060 levels, which might seem a lot more attractive comparing to the current price.
The battle between bulls and bears is obvious, and who will be the winner is yet to be decided by the market. The Cardano accumulation might have come to an end, and it just a matter of time before it breaks out.
Comment:
Support broken
Trade closed: target reached:
Support hit and rejected!
Comment:
Trade closed: target reached