After testing the high range of 1446 satoshi [$ 0.1337], Cardano seems to be going down and already lost 10.48%. However, as a small pump may be on the way, this drop may not be entirely bad. With the formation of a decreasing channel, the price of ADA may increase to 4-8% increase, or even 13% if bulls are drawn.

1-hour chart

Source: ADABTC TradingView

The chart above shows the price towards the middle of the descending channel, which corresponds to 1276 sat or $ 0.1179 support. This point can be a long opportunity for ADA with a risk / reward ratio of 2.36 and 4.77. However, for the latter, the stop-loss can be less stiff to prevent any immediate  crash / slippage.

In either case, there are three targets, 1327 sats, 1381 sats and 1446 sats. While the RSI indicator is heading towards support [36.18], this long position appears to be more likely to occur.

The moving averages [21 MA - orange] will act as a resistor for the first pump, overcoming this will resist ADA before advancing 1328 sats aka the first target, 100 MA [pink]. Any pump above this level can be a little difficult to arrive, especially 200 MA [purple] will definitely block the pump of ADA and consume buyers.

Altcoins in general

Cardano is sitting comfortably in the 7th position and has increased by 1.42% in the last 24 hours with a market value of $ 3,133 billion. The same can be said about altcoins for all. [in 24-hour time frame] flashes green; XRP increased by 0.65%, BCH 1.51%, LTC by 3.29%. It is clear that the bottom season is pumped around 2-3%, especially when Bitcoin is not used for weeks.

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