Cardano, Where Is Your Bottom?

Cardano continues trending downwards as it still produces lower lows and lower highs. The big question is where is the bottom? How far down can it go?

According to Fibonacci, applied to the corrective wave up after the $0.34 support breakout, the nearest downside support is at 527.2% retracement level, that is $0.08. So the risk of another 40% decline remains, unless $0.22 resistance is broken.

However, the positive side of this is that the $0.08 is an extremely cheap price for ADA/USD, and if the support is rejected, strong gains could be collected in a relatively short period of time.

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