Cardano Weekly, Update

Cardano weekly doesn't look as good as XRP and Ethereum, this is true because I am using the same indicators.

Here we can see ADAUSDT trading below EMA34 and MA200. We can even see an attempt this week to move higher followed by a rejection, this means that there can be some more bearish action before higher prices but this bearish action can easily happen short-term. Why? Because Cardano has already been dropping for five weeks straight.

The rise from the 7-April low lasted a total of six weeks. The week that produced the peak is also the first week of lower prices. So we can say 6 weeks up and four weeks down, or, five weeks up and five weeks down.

The thing is that the market seeks balance and this retrace is already big enough and has been going long enough. Yes, the action is happening below these moving averages but this can easily change.

Short-term bearish.

» ADAUSDT will continue bearish as long as it trades weekly below the $0.7050 - $0.6875 price range. When ADAUSDT moves and closes above this range, the bullish bias is confirmed. Any trading below and we wait.

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