Cardano bounces off of the support

Cardano is finally showing some signs of life after a sharp drop from 0.00004200 to 0.00001770. The new multi-month low was created just a couple of days ago and the price has bounced since it touched and briefly traded below the 127.2% Fibonacci support. However, the coin recovered and today looks much better as it looks like it wants to stage a bounce. A healthy correction is very much needed as the price usually returns to the bull/bear line, which in this case is the trend line resistance, previous support. The trend line currently comes in around 0.000020 and a re-test is to be expected. The perfect scenario would be a re-test and a rotation back lower for the re-test of the key horizontal support around 0.00001660. If you are looking to go long Cardano, then our advice would be to wait for the potential test of the horizontal support with a tight stop below the line.