The price of Cardano's token adabtc
has recently pulled back ~55% from its all time highs. While this may sound frightening to some of you who are new to crypto currencies, this is very normal in the space and is actually very healthy. Now the price of adabtc
is at a critical junction
. It can either hit resistance at the 50% or 61.8% Fibonacci retracement
levels ( as seen on the graph, The 50% level is indicated by the red arrow). If it hits resistance at these levels and begins to resume its fall those adabtc
holders should probably think about reducing exposure because that is a bearish
technical indicator. If It breaks above these levels along with high volume
it is very bullish
. My price target is assuming the latter happens because that is historically how adabtc
trades. Of course past performance is not indicative of future results. The price target was established by taking the previous move in adabtc
after having a 50% correction or higher, and then translating it to the current price action.
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