Eightcap

Cardano focus after support bounce

Long
EIGHTCAP:ADAUSD   Cardano / USD
Well, TradingView community, what an insane few days we have seen on the crypto markets. Some of the falls have just about been doomsday stuff. ETH, for instance, broke below 1100 today, and Bitcoin briefly moved below 21K . Solana's low retraced the entire 2020/21 run before buyers jumped back in today.

So let's move to today's focus Cardano . The late May and early June price looked good, moving back above .66 before the latest bear raids kicked off. Five straight sessions saw 24% taken off the price and today looked no different as prices raced a further 9% lower.

Buyers emerged into today's Asian session and, at this stage, have pulled 17% back since today’s low. This caught our attention from where the turnaround occurred, and it lined up very nicely with .4450 support. This could be a good sign as price continues to sit in its range and is not in a solid downtrend like many other top 10 coins.

If buyers can hold out today and maintain a close above support, this could be good signs that buyers are trying to regain control. A close below support, and we will be back on the bear front.
If buyers can hold support and a decent push higher, we will look for broader buying to show overall demand, and we will then look to see if buyers can break the top of the range to start suggesting that a new move higher could be developing.

Good Trading

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