Cardano - Approaching Key Level - ADAUSDT

23 May 2021

In our previous ADAUSDT analysis, we had 2 set ups - One bearish & one bullish. We marked out the $1.85 level as the key price to watch to determine what's next for Cardano. We happened to break that level and retest it perfectly before going down.

We are now approaching another key level where we have multiple confluences:
- Major trendline
- 200EMA
- Previous structure

On the lower timeframe, we can draw a descending trendline to monitor for a break which will confirm our reversal from the $1 key area. See chart update for lower timeframe analysis.

23 May 2021

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