Last week was big for Cardano. One of those battles where you lose more than you win but, everyone else is weakened even more so you’re coming out strong by comparison. Last week was a big hit for the crypto space with a massive sell-off on the 7th. But – while most other coins remain near support, Cardano has put in some fairly strong recovery drives. This is good. This is a sign that folks were on the sidelines waiting for a dip in ADA, at least moreso than in Bitcoin, Ethereum or Dogecoin.
For next week, the forecast is bullish. Cardano has been tracking very well within the Fibonacci retracement that we’ve been following. Last week’s low dipped down to the 50, the resulting pop caught resistance at the 23.6. A corresponding pullback found support at the 38.2, followed by a kick back to the 14.4. The Daily looks real messy, not clean enough for forecasting. But, the four-hour is very constructive, and this is what highlights that bullish bias that I’m carrying into next week.