ADA-USDT; What would happen in mid-term
Cardano, which another project I really like and have a long-term bag, after being in a long-term uptrend showed 60% correction.
Now, the price is at the golden Fib. ratio (draw the Fib. from the low in March 9, 2020) and just above the WRL level (around $1.15).
This level showed good support over the last 6 weeks. However, I think a very quick drop to the green area on the chart (between $0.93 to $1 area) would be so possible.
Moreover, the weekly swing low level (the red dot line on the chart) is the most important level in my view. A strong close below this level will break the long-term bullish structure. If the price breaks the bullish trenline, the swing low level, and the green area, then the next supports would be the Fib. 0.786 and Fib. 0.88 level.
Other important levels to watch is the bearish RSI trendline and the OBV support.
If RSI can break the bearish trendline to the upside, then we can see a bounce from here. Also, OBV needs to hold this support level.
Let's see what will happen next.
Btw, I added to my long-term hold bag here and will add more on the level mentioned above.
Let me have your feedback and views in the comments.
Cheers!
Mr. CryptoTracker
Now, the price is at the golden Fib. ratio (draw the Fib. from the low in March 9, 2020) and just above the WRL level (around $1.15).
This level showed good support over the last 6 weeks. However, I think a very quick drop to the green area on the chart (between $0.93 to $1 area) would be so possible.
Moreover, the weekly swing low level (the red dot line on the chart) is the most important level in my view. A strong close below this level will break the long-term bullish structure. If the price breaks the bullish trenline, the swing low level, and the green area, then the next supports would be the Fib. 0.786 and Fib. 0.88 level.
Other important levels to watch is the bearish RSI trendline and the OBV support.
If RSI can break the bearish trendline to the upside, then we can see a bounce from here. Also, OBV needs to hold this support level.
Let's see what will happen next.
Btw, I added to my long-term hold bag here and will add more on the level mentioned above.
Let me have your feedback and views in the comments.
Cheers!
Mr. CryptoTracker
Mr. CryptoTracker