ADA/USD - Showing Bullish Signs

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The price of Cardano broke out from the descending channel made from the Mondays high and increased of around 3.4% from today's low. The bullish upside move is expected to continue as we have most likely seen the completion fo the impulsive downtrend from Monday at least to the support area that was broken to the downside on Tuesday for a retest of resistance.

If the price finds resistance there and bounces from it, this could be an early indication that further downside and new lows compared to today's one could be expected in the upcoming period. But if the price manages to break above it, another runup can be seen past Monday's high.