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Cardano in a technical correction manages to maintain its upward trend line.

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Cardano this week has been behaving very well on the supports unlike the rest of the cryptocurrencies in the market. Although it is in a technical correction at the moment, it has maintained important levels in the price that lead it at the moment to be over $ 0.0432.

In an attempt to surpass the R1 of the week again, buyers were unable to maintain the momentum and strength they had last week. This time the price approached $ 0.0467 but a divergence formed in the price pushed it back to the current levels.

Recall that the divergences are formed in the RSI (blue bottom bar), this indicator marks the momentum or the force that the movement has, as we can see in the graph, the last impulse had less force than the previous one, when this happens it usually goes back the price a bit to look for new levels of media.

The current situation for ADA is not so complicated, bouncing currently over 23% fibonacci we could have another boost in the price that makes it overcome resistance, all this if it manages to accumulate good volume and the bulls activate their orders.

There is also the possibility of looking for the marked trend line very close to the pivot point and level 38% fibonacci. This area seems to be a strong point of support that makes the price rebound strongly upwards. Losing this level if we would enter a downtrend again for the short or medium term. Hopefully not and the correction is maintained until the current levels (23% fibonacci) or 38%.



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