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 ...
In our last analysis of Cardano, we managed to push up 30% from our entry zone. We marked out the $1.90 zone as a potential area where price would face resistance. Price tested that zone and is creating what looks to be a bullish correction. Price is creating higher highs and higher lows indicating that bullish momentum is kicking in.
Watching closely for price...
". There is a possibility of temporary retracement to the suggested support line (1.6461).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
. ADAUSD is in a range bound, and the beginning of an uptrend is expected.
. The price is above the 21-Day WEMA, which acts as a...
In our last analysis, we were anticipating a breakout for Cardano from the descending correction. We mentioned to watch for buying pressure near the 200EMA, Major Trendline & previous structure. We got a really big push up which broke the descending correction confirming that bulls are back in this.
A few important things to keep an eye on for Cardano is the...
In our previous ADAUSDT analysis, we had 2 set ups - One bearish & one bullish. We marked out the $1.85 level as the key price to watch to determine what's next for Cardano. We happened to break that level and retest it perfectly before going down.
We are now approaching another key level where we have multiple confluences:
- Major trendline
ADA seems to be running out of steam. Bearish RSI and it seems like a lot of profit taking with extreme fear in the markets.
I personally won't be buying ADA right now, will wait for a retrace and see where new support lies.
Cardano going in a Bearish Trend forming a Wedge Pattern.
Im expecting price to dropping to Support first.
Set 1st Target to be at 1.3350s, when 1st Target is reached there can be consolidation before reaching 2nd Target price 1.2300s
Stay with the market, Lets see what happens
Ada has currently formed an ascending triangle on the daily!
I believe if we see a happy Bitcoin, Ada could be a huge winner for June and this will be one of the best performing assets at the end of the bull run (expected to end later this year or mid next year)
Ada could retest the bottom of the triangle then shoot off or just shoot off now!