ADAUSD: 1W MA50 holding. About to explode parabolically to $5.00

Cardano tested last week and held (closed the 1W candle over it) the 1W MA50 for the first time since October 2023. The 1D technical outlook is oversold (RSI = 29.115, MACD = -0.050, ADX = 36.349) and the 1W timeframe bearish (RSI = 44.076). The pattern it is printing though is very much like September 2020, when after successfully holding the 1W MA50, it started rising again until it broke out parabolically above the HH trendline. The Cycle top was formed a little under the 1.236 Fibonacci extension. Consequently we are targeting the same symmetric Fib (TP = 5.00).

See how our prior idea has worked out:


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