ADA | USDT - Cardano is part of my Top picks for 2024
Following a bullish breakout from Ascending Triangle pattern, price resumed its uptrend. However, price got very overbought (RSI > 75) just as it reached $0.65 resistance and pulled back on some profit taking. Now we wait for price to either 1) break above $0.65 to signal continuation of Uptrend with upside potential to $0.75 next, or 2) pull back near $0.46 support for a swing entry in Uptrend with upside potential back to $0.65 or even $0.75. (set a price alert).
Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish but inflecting. MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance: Nearest Support Zone is $0.46 (previous resistance), then $0.40 – $0.42. The nearest Resistance Zone is $0.65, then $0.75.
Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish but inflecting. MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance: Nearest Support Zone is $0.46 (previous resistance), then $0.40 – $0.42. The nearest Resistance Zone is $0.65, then $0.75.