Good day, Steemers! Daily altcoin update. Today I picked out Cardano coin (ADA), Okay! Last June 28, ADA has reached the lower price, hitting 1942 satoshis low. There it has rejected the 84.3% Fibonacci support level. Although the spike was below, the closing price stayed above the 1952 satoshis Fib support.
However, ADA/BTC pairing is now started to move higher, breaking above the downtrend trendline (red line). Currently Cardano touching the 2260 satoshis resistance that is 74.2% Fibs. Also there is the 30 Moving Average that is also acting as the resistance. RSI was came from 22.34 which oversold, and during that time it indicates a bullish indicator after hitting the 30 level.
Overall, break above 2260 satoshis and 30 Moving Average should confirm trend reversal and should result in further growth, towards either 2685 or 3267 satoshis, both of which correspond to the set fibonacci retracement level.
Nevertheless, if resistance will be rejected price maybe enter the correction phase and even result in a deteriorate towards the 1673 satoshis level, where the bottom was formed last May 18, 2018 (yellow ellipse on the the chart). RSI at 41.88 which is still in bearish condition in daily timeframe.
More about with ADA
Cardano is a decentralised public blockchain and cryptocurrency project and is fully open source. Cardano is developing a smart contract platform which seeks to deliver more advanced features than any protocol previously developed. It is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach. The development team consists of a large global collective of expert engineers and researchers
Current Market Cap; $3,706,482,150 USD
PS. Article you've read above is for educational purposes only and not an investment advise, do your own research and acquired enough knowledge in crypto before you take an action. Hope this helps!
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