It seems that Cardano has established an uptrend while producing higher highs and higher lows. ADA/USD has gained 75% against the USD since 29th of June, when it moved from $0.11 up to recent high, which almost touched $0.2.
Currently price is correcting down and breaking below the 200 Moving Average. The corrective move down is likely to continue and strong support is seen at $0.146, that is 127.2% Fibonacci retracement level applied to the corrective wave up after the uptrend trendline break.
This level also corresponds to the downtrend trendline breakout confirmation point and the uptrend trendline. This price might be the price of interest for many investors and could be the end of the correction down.
Yet it is important to wait and see that the $0.146 support is rejected, and only then act accordingly. If the support is broken the correction could be extended, sending price lower, down to the $0.125 support.
It is also worth mentioning that Cardano is now trading at the 200 Moving Average, without confirmed breakout below, and if price stays above $0.152 the uptrend could continue without further decline.
Source: http://cryptopost.com/when-to-buy-cardano/
Telegram channel: https://t.me/cryptopost
