ADAUSD Comparison with 2018 shows the bottom

24 May 2022

Cardano (ADAUSD) has been down for more than -87% since the September 2021 High and has been trading within a Channel Down ever since. This is similar to the pattern of the last Bear Cycle in 2018.

On this 1D time-frame analysis, the 1D MA50 is the blue trend-line and the 1D MA100 the green trend-line. Even though 2018 made a -93.50% dip from the moment the Channel Down started, in terms of 1D RSI and the Fibonacci extension that marginally broke 2.0 Fib, it appears that we in similar price action as early December 2018, which was the bottom of that Cycle. We might see one final dip towards 0.3000, in case ADA follows the candle structure of late Nov - early Dec 2018 but what is more important is that the next time the 1D MA100 breaks, we will most likely have a confirmed recovery and the start of the new Bull Cycle.


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