Cardano Buying Time

Following the previous idea on Cardano, it failed to break above the resistance and went further down to the $0.18 support area. Fibonacci applied to the corrective wave after the $0.34 support breakout shows that ADA/USD rejected 327.2% Fibonacci cleanly, suggesting the potential bottom of the downtrend. The following move up resulted in RSI oscillator breaking above the downtrend trendline, adding extra confirmation of the trend reversal.

Unless the $0.18 support remains untouched, it is reasonable to expect a trend reversal from Cardano. But first, the resistance at $0.34 has to be broken for this scenario to become reality.

Overall, the buying opportunity seems very attractive, and as previously mentioned only break below $0.18 support could extend the consolidation.



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