Cardano Bounces Off Support, Where To Next?

After we spotted the "Head & Shoulders" pattern in the previous analysis, ADABTC (Cardano) broke above MA200 to produce a strong bullish wave.

What followed was a classic retrace and now we see prices moving up... Will the uptrend resume?

Let's take a look!

Cardano (ADABTC) Chart Analysis by Alan Masters

• Prices for ADABTC bounced of MA200.
  
• This is the same level that was working as resistance when the head patterns showed up, now working as support.
  
  
• At the same time, this level marks the 0.618 Fib. retracement support for the last wave, giving it additional strength.
  
  
• The MACD remains above cero and the RSI is still strong.
  

This can all mean that ADABTC can resume its growth.

Conditions for change

If ADABTC moves and closes below MA200 or 0.00000516, the above signals become invalid and more down/red can be printed on this chart.

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Namaste.

Previous analysis | Apr 18