Throughout the entire April, Cardano has been in a strong uptrend, while it moved from $0.13 up to $0.39, gaining nearly 200% against the USD. But the May hasn't been so profitable for ADA, in fact it has corrected downs strongly and found the support at $0.17.
The support is confirmed by the 227.2% Fibonacci retracement level applied to the corrective wave up after the breakout of the ascending channel. Today Cardano has rejected this support, which could be the first sign of the uptrend continuation.
It is important to watch this support as it could either approve or disapprove the validity of the uptrend. Break and close above could result in the continuation of the downtrend and send price down to $0.1 area. But, if the support will hold, this would certainly mean that ADA/USD is reversing to the upside.
All-in-all the buying opportunity seems to be very reasonable, especially taking in consideration risk/reward ratio.
The support is confirmed by the 227.2% Fibonacci retracement level applied to the corrective wave up after the breakout of the ascending channel. Today Cardano has rejected this support, which could be the first sign of the uptrend continuation.
It is important to watch this support as it could either approve or disapprove the validity of the uptrend. Break and close above could result in the continuation of the downtrend and send price down to $0.1 area. But, if the support will hold, this would certainly mean that ADA/USD is reversing to the upside.
All-in-all the buying opportunity seems to be very reasonable, especially taking in consideration risk/reward ratio.
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