Cardano (ADAUSD) is now moving above resistance on the 4h timeframe... Let's have a closer look at the details.
We have the drop following 18-Jan. for ADAUSD.
This drop pushed prices to a new low compared to early Jan. (10-Jan.).
On the 22-Jan. is when this new low was hit and a strong reversal candle showed up.
What we see now is higher highs and higher lows, short-term, sustained growth.
ADAUSD has moved and closed above EMA10, EMA21, EMA50, EMA100 and MA200.
The most important/immediate support level short-term is set at $1.18 - $1.19, which is the 0.786 Fib. retracement level of the last bullish wave as well as EMA10/21. Moving below EMA50/EMA100 would signal additional consolidation before moving up. (red arrows then green).
You can check the chart for additional information.
We are bullish now... For the previous trade ideas check below!