Cardano Cycles – Double Bottom Formation
In December 2017, Cardano experienced a massive growth reaching the $1.3 high. Since January 2018 price has been steadily declining resulting in 80% loss to the USD. But Cardano has found the support at 161.8% Fibonacci retracement level applied to the corrective wave after the ascending channel breakout, that is $0.3.
First time this support was rejected on the 2nd of February, and after nearly two months of consolidation, Cordano once again is at the very same support level.
According to Fibonacci Time Zone cycles, ADA/USD should be starting a new cycle. If the $0.3 support will hold and Cardano will break above the minor resistance at $0.34, this could mean that the double bottom has been formed and the new cycle could be the beginning of the uptrend.
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