ADAUSD is looking for the 1D MA50

Cardano is one of the coins that has seen extraordinary gains already during the first week of the year. However as most coins did, it is seeing a retracement since yesterday. That shouldn’t come as a surprise as on the 1D time-frame, the RSI hit a Resistance Zone that is holding since January 2018!

More precisely, since April 2019, every test of that Resistance resulted in (approximately) a -25%, -35% and -45% correction (of course I exclude March’s COVID meltdown which is non-technical). The 1D MA50 (blue trend-line) has been able to contain most such pull-backs (with the exception of May 2019, Feb 2020 and Sept 2020 which found Support on the 1D MA200 (orange trend-line)).

Based on the above it makes sense for ADAUSD to stay sideways for another 1-2 weeks until it makes contact with the 1D MA50 and then continues its bullish trend.

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Tradingview link:

https://www.tradingview.com/chart/ADAUSD/31BqK6JB-ADAUSD-is-looking-for-the-1D-MA50