Many other cryptocurrencies remain on their back foot. Not Cardano, the green cryptocurrency. As looked at on Wednesday, the coin has broken out to the upside.
The levels looked at on Wednesday held true, although timing the breakout proved more difficult than anticipated. The Fibonacci retracement that I shared was spot on and continues to provide workable levels. Resistance remained at the 23.6% retracement, and prices pulled back until finding support at the 38.2. That helped to set the low yesterday, after which buyers showed up and posed a bullish breakout up to the 14.4% retracement.
The Fibonacci retracement to follow
This is worth keeping on the chart, at least until that high at 3.1000 is taken out. It simply spans from the July low up to the September high, and as you can see from the above chart, it’s been putting in the work. The 50% marker caught last week’s low, with each of the 38.2 and 23.6 catching support inflections as well, and in the case of the 23.6, a good bout of resistance, as well. And now the 14.4% retracement is getting in on the act too. The next big spot of resistance is the psychological level at $3.0000.
If you have yet read our guide on learning to trade with Fibonacci retracements, check it out.