Home Crypto Crypto Market Analysis Ardor – Has The Rebound Completed?

Ardor – Has The Rebound Completed?

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Ardor (ARDR)

Market Cap. $430.46M

Circulating Supply: 999M ARDR

Max Supply: 999M ARDR

Volume (24h) $5.40M

 

The ARDR/USD dropped today and could invalidate a further increase. It remains to be seen what will really happen in the upcoming days because the perspective is still bullish in the short term as long as the rate is trading above some very important support levels.

We may have a great buying opportunity if the rate will decrease a little to retest the near-term support levels.

Ardor ARDR/USD chart

You can see on the Daily chart that the rate has made another false breakout above the 50% Fibonacci line (ascending dotted line) of the ascending pitchfork signalling that we may have a minor drop. It could come back down to test and retest the lower median line (lml) and the 0.33818380 static support.

We could take a long position from the mentioned levels if the rate stays above them after a retest. However, we could also buy this crypto after a valid breakout above the 50% Fibonacci line. A valid breakout will signal a potential increase above the median line (ml).

The perspective remains bullish as long as the rate stays above the 0.3381 level and the lower median line.

Personally, I was expecting to see an important upside movement after the retest of the lower median line (lml) of the ascending Pitchfork, but the 50% Fibonacci line represents a very strong dynamic resistance.

Conclusion

You can buy the ARDR/USD from above the 50% Fibonacci line after a valid breakout or after a retest of the lower median line (lml) of the ascending pitchfork. We have an important upside target at the 23.6% retracement level and higher at the upper median line (uml).

©Forex.Academy

 

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