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Cardano (ADABTC) testing the bottom of its bullish channel

Cardano’s  (ADABTC) price action was capture in a bullish channel in my previous post which can be found here:

https://coinanalyst.investments/2018/05/02/adabtc-cardano-price-channel-4hr-tf-analysis/

Cardano (ADABTC) at the time of this post is testing the upper region of Support 1 at ~0.00003547, which also coincides with the bottom of the price channel. A break below the bottom of Support 1 could likely trigger a sell off to Support 2.

Technical analysis of Cardano

Cardano (ADABTC) successfully holding the bottom of the channel could see price reach the new target area between ~0.00004782 and 0.00004639

The relative strength index (RSI) is also shown here for the 4hr tf has a negative slope which implies that it is better to be patient to see how price action transpires before initiating a long (buy) position. A possible point of entry (POE) as indicated on the chart is on a breakout above ~0.00003769. This ensures helps to avoid trying to pick the bottom in case of further downside momentum for Cardano (ADABTC).

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