Cardano Short-Term (Correction Likely Not Over)

This chart looks very similar to Dogecoin, if not identical. We are looking at Cardano on the daily timeframe, ADAUSDT.

The black line on the chart stands for MA200. This is a major resistance and ADA failed to reach it on its latest up-move. Trading volume was low and bullish momentum lacking. The fact that this resistance was not even challenged, is a signal of weakness.

The correction is almost ending, it has been going since mid-March 2024, but it isn't over. The next drop is likely to end it but we are not 100% certain about this. After the low is in, we will see a long period of recovery. Going back to 2024 high prices will take some time, in the latter part of Q1 2025.

Ok, back to present day. Lower highs lead to lower lows. You can see a descending channel on the chart.

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