The truth is that Cardano has been on a spectacular rise since the beginning of the year. Right now and according to the idea we are in the middle of a fibonacci level of 2.618 since the last big drop that occurred in May 2018.
Since the RSI is quite overbought there is a high possibility that the pair will correct in the next few days. Let's hope it respects the lower ideal consolidation zone, above $ 0.58.
On the other hand and in a broader weekly view we also see the RSI (91) overbought. Signal that would make us confirm that possibility of a downward correction.
If some strength is left to this relatively long movement, at least it is to touch $ 0.93 and hopefully also to consolidate in that area.
What are your thoughts? Thanks for your support!
Since the RSI is quite overbought there is a high possibility that the pair will correct in the next few days. Let's hope it respects the lower ideal consolidation zone, above $ 0.58.
On the other hand and in a broader weekly view we also see the RSI (91) overbought. Signal that would make us confirm that possibility of a downward correction.
If some strength is left to this relatively long movement, at least it is to touch $ 0.93 and hopefully also to consolidate in that area.
What are your thoughts? Thanks for your support!
