Having dropped, Cardano continues to stay lower even if the price of Bitcoin reached a fresh all-time high. ADA/USD moves somehow sideways, so personally, I'm looking for new opportunities around a major support zone.
Cardano is up by 1.36% in the last 24 hours but it's down by 7.30% in the last 7 days. In the short term, ADA/USD could resume its sideways movement. From the technical point of view, being above a major support zone, we can search for long opportunities.
ADA/USD In Support Area!
Cardano has found strong support above the 61.8% retracement level. It has jumped above the downtrend line, but it has failed to develop an upwards movement. Now it has dropped again to retest the 61.8% level and the 1,8 - 1.91 support zone.
The crypto was rejected by 1.9130 today but the pressure remains high as long as it stays below the 50% retracement level and under the weekly pivot 2.0703.
Cardano Forecast!
ADA/USD is trapped between 61.8% and 38.2% retracement levels. Jumping and stabilizing above the weekly pivot of 2.0703 could signal more gains. Also moving sideways and testing and retesting the support zone, registering new false breakdowns could bring new upwards movements.
Technically, failing to retest the broken downtrend line in the last attempt signaled some bullish pressure.
