ADA Cardano: Downside Support Areas
Hello friends, today I am completing a technical analysis on the 1D linear scale chart for Cardano ( ADAUSD ), an altcoin cryptocurrency. Please review the chart and analysis below carefully as there are many trendlines.
#CryptoPickk notes the following:
1) The Cardano price has been falling since reaching an all time high in September 2021.
2) Due to the weakness in the crypto and financial markets, Cardano price recently saw a major drop on top of the existing drop it was experiencing. The price may fall further so keep an eye on the support lines noted.
3) A Trend-Based Fibonacci Retracement is shown with the Support 3 line in the same area as the 0.382 fib level.
4) This is also in the same area as the multi-month bottom support trendline.
5) Cardano price has potential to regain momentum if it breaks outside of the resistance line shown on the chart.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
#CryptoPickk notes the following:
1) The Cardano price has been falling since reaching an all time high in September 2021.
2) Due to the weakness in the crypto and financial markets, Cardano price recently saw a major drop on top of the existing drop it was experiencing. The price may fall further so keep an eye on the support lines noted.
3) A Trend-Based Fibonacci Retracement is shown with the Support 3 line in the same area as the 0.382 fib level.
4) This is also in the same area as the multi-month bottom support trendline.
5) Cardano price has potential to regain momentum if it breaks outside of the resistance line shown on the chart.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
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