Let's start with: "What goes up must come down!"
As we can see on the weekly TF we started the run up around the $1, we've been going straight up towards the $2.3 level.
After hitting it's previous ATH at $2.46 we saw a fast drop down all the way back to the current strong supportzone between the 1 - 1.15 USD.
This ignitiated the second run up towards the current ATH at 3.10 USD, followed by a heavy pullback, back towards "lift off" point!
Which leaves us currently trading around the 1.17 wich is near the strong supportzone.
What i'd love to see is finding support, retesting this support level and gain momentum towards the upside and start an uptrend, if we hold the key support level around the $1 it's still looking strong for Cardano and we could deffinately see a new ATH in the near future, 'cause what comes down, also must go up! :)
But... If we break the support we could be going lower between the 0.84 - 0.94.
Something i think we won't be seein' happening due to the fact that the supportzone seems to be a legit strong one, but hey, u'll never know ! :)
Also the Stochastic RSI looks almost ready for lift off.
Let's see what the next couple of days will bring and if we close this, or the next weekly candle in the support zone, followed by a nice BIG green fellow!
*******If you guys like my (global) analysis please leave a like, it's my second published idea.
I'm always open for info, improvement, learning and feedback!
Have a nice day people, Trade safe & Stay safe!
As we can see on the weekly TF we started the run up around the $1, we've been going straight up towards the $2.3 level.
After hitting it's previous ATH at $2.46 we saw a fast drop down all the way back to the current strong supportzone between the 1 - 1.15 USD.
This ignitiated the second run up towards the current ATH at 3.10 USD, followed by a heavy pullback, back towards "lift off" point!
Which leaves us currently trading around the 1.17 wich is near the strong supportzone.
What i'd love to see is finding support, retesting this support level and gain momentum towards the upside and start an uptrend, if we hold the key support level around the $1 it's still looking strong for Cardano and we could deffinately see a new ATH in the near future, 'cause what comes down, also must go up! :)
But... If we break the support we could be going lower between the 0.84 - 0.94.
Something i think we won't be seein' happening due to the fact that the supportzone seems to be a legit strong one, but hey, u'll never know ! :)
Also the Stochastic RSI looks almost ready for lift off.
Let's see what the next couple of days will bring and if we close this, or the next weekly candle in the support zone, followed by a nice BIG green fellow!
*******If you guys like my (global) analysis please leave a like, it's my second published idea.
I'm always open for info, improvement, learning and feedback!
- ADA/USDT Bybit Perpetual Contract
Cardano - US Dollar
Have a nice day people, Trade safe & Stay safe!