ADAUSD needs to break the 1D MA50 in order to avoid 0.200.

Cardano (ADAUSD) has had repetitive rejections (4 in total) on the 1D MA50 (blue trend-line) since May 31. In fact the last time we saw so many rejections within a long-term Channel Down, was during the previous Bear Cycle of 2018. The inability to sustain a break-out above the 1D MA50, led Cardano to the final hyper aggressive flush of November 2018 that ultimately formed the bottom of the Cycle.

Based on 1D RSI terms we also seem to be on the third (3) and final leg below the collapse, so if ADA holders want to avoid this, they need to see the price break above the 1D MA50 and sustain trading above it for a week at least. Otherwise the completion of a -93% drop from the top is possible at around 0.200.

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