By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
By Friday, the ADA cryptocurrency has slumped into a correction, which, after the robust and stable growth in January, looks logical. The cryptocurrency is generally trading around $0.0541.
On D1, analyzing the long-term technical picture of the Cardano development, we can notice that the general trend looks like a quite wide narrowing channel. After a bounce off the lower border, a convergence on the MACD, a breakout of the resistance line of the previous channel, the quotations started developing an uptrend. The aim of the trend is the upper border of the general channel — the level of $0.1040.
On H4, we can see an ascending channel in detail. The quotations have broken out the resistance line of the channel of growth, which signifies confidence in further rising. On the Stochastic, we can notice the lines enter the overbought area, which may precede a short-term decline. The aim of such a decline may be the support line of the channel near 23.6% ($0.0484) Fibo. After such…