$ADA Cardano - Fighting the bears

14 Nis 2022

"Price is determined by trendlines, resistance and support." This is a chart for swing traders. "Cardano is in a downtrend. In the last month it was showing signs of a reversal. Leading indicator 8/21 EMA was showing promise of a reversal, but it was a false positive. There was an indication of an "early buy" (i.e. candles above the 8 EMA), but it is now below the 8 EMA again. It is still not a "Buy." Furthermore, it hasn't broken the trendline. The fibonacci retracement still below the 50 fib. All indicators are still bearish. I'm hoping the 100 MA can act as support as the RSI climbs over the 50 and the MACD rolls up. That is the only promise I can see. Below the 100 MA is the S1 pivot at $0.405. Oof! I would hate to see it.