![cardano-updates.jpg](https://cdn.steemitimages.com/DQmZeZ6LbsCLMgPbHQbUkj8oS3qsSkZU2fnKzobkCXvJ6Cx/cardano-updates.jpg)

Cardano has broken through the 2430 satoshi support. The next relevant support is 2125 satoshi.

![Screen Shot 2018-06-13 at 11.28.12 AM.png](https://cdn.steemitimages.com/DQmbn1YyBYJfZSjDUQ66RsYHDDDZu3Qb9NKfomEmvSN92uZ/Screen%20Shot%202018-06-13%20at%2011.28.12%20AM.png)

The 4 hour, and 1 day MACD look extremely bearish. Both are oversold, yet both just crossed into bearish territory with no indication of reversing course. 

![Screen Shot 2018-06-13 at 11.02.04 AM.png](https://cdn.steemitimages.com/DQmUkZ2hAaVKfkvvVz6dDLVu8K4MqAonUUp2fUZvk4Gmr66/Screen%20Shot%202018-06-13%20at%2011.02.04%20AM.png)
![Screen Shot 2018-06-13 at 11.03.22 AM.png](https://cdn.steemitimages.com/DQmewBJMZmCCFBdPMzLanFLt7cEiG73F1w4phQXz1p9LdxQ/Screen%20Shot%202018-06-13%20at%2011.03.22%20AM.png)

It looks as though the bulls will have another chance to defend a key support. Looking at the 4 hour, and 1 day RSI, we can see they've been operating within a wedge. Cardano is about test the support on both charts. If it breaks, we may be looking at a drop to as low as 2050 satoshi. If it holds, it may show us where the bottom is. 

![Screen Shot 2018-06-13 at 10.56.14 AM.png](https://cdn.steemitimages.com/DQmNdEm1cxKGTXtPZKRnHfGvYrUY2n9232xVNnQ7x69gsxc/Screen%20Shot%202018-06-13%20at%2010.56.14%20AM.png)
![Screen Shot 2018-06-13 at 10.52.59 AM.png](https://cdn.steemitimages.com/DQmZ2aYrAugt5JhbgcZBXiXw9k38R81rEgEwg1VGHCgRK2o/Screen%20Shot%202018-06-13%20at%2010.52.59%20AM.png)

 Like so many other coins that are at the mercy of bitcoin, I believe ADA is in a WXY pattern. This would mean Cardano's in wave A, of an ABC correction. We're reaching oversold areas on both the RSI and MACD. This suggests we may see a temporary rise to complete wave B, followed by a final drop to complete wave C. I logical landing zone for wave C is the 2125 satoshi support. If correct, I believe it may play out like this:

![Screen Shot 2018-06-13 at 10.36.28 AM.png](https://cdn.steemitimages.com/DQmcRBJVQGyF3XKBy5frJABmJRD8oPiNMAWKLXhrFMhKq3t/Screen%20Shot%202018-06-13%20at%2010.36.28%20AM.png)

Wave B may not have enough strength to break above the prior 2430 support, which is now acting as resistance. If it's unable to break through, that'd suggest the bears are in complete control and we may see wave C drop to the 2050 satoshi level. 

I'm not seeing any great trade setups at the moment. Let's keep an eye on Cardano and see how the next 24 hours play out. 

**BIAS:**
Short Term: Bearish
Long Term: Bullish

**I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Thanks for stopping by.**

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