Cardano recently had a triple bottom reversal. We appear to be in a parabolic trend which is setting up for a big move. For confirmation we Weill be looking for a break of the parabolic trend to the upside and a retest of a structure level.
We will be targeting the all time highs once we break.
Fibonacci Channels are used to determine fibonacci support and resistance levels within an identified trend.
These channels can easily be drawn in both uptrends or downtrends to find potential areas where price action could change.
When drawing a Fibonacci Channel on an uptrend, a clearly identified trend needs to be established with higher lows ...
Ada has completed its 5 waves according to Elliot waves and started its correction from 2.48$.
Considering that it has repeatedly attacked the support of about 1$ but failed to break it, we predict that in the continuation of the correction process, it will have a distance to the area of 152$ to 154$.
And breaks this support with strength, continue this decline to...
Cardano has had a few attempts to break out this year but somehow manages to lose steam on its way up. We are now approaching a pivotal price 1.15 where we have multiple confluences for the upside. However if we break that level, we could see Cardano tumble much lower than the major bull run this year.
Again we have a descending trendline which we will be...
As it can be seen that there is a detection of an inverted head and shoulders, which is bullish. This also means that the MACD has to bounce in the next 4/8 hours or so, to stay bullish. The RSI isn't overbought or oversold so nothing can be determined out of that as there also isn't a bullish or bearish trend line. Still, I think this can have a pretty good long...
SUMMARY: Short, balance of probability is that it will break down.
-- Technical --
Target is $1.18 for a downwards breaks of the rising wedge - bear signal.
Stoch RSI is overbought - bearish signal
RSI probably will continue down, after previous days of appreciation.
MACD shows momentum to the downside.
If it was to break up, say with a BTC surge, then...