ADA: Approaching Resistance
Cardano (ADA) technical analysis:
Trade setup: Bullish Breakout from Falling Wedge pattern (above $0.30 resistance), with robust volume, signaled trend reversal. Price reached our target $0.40 horizontal resistance zone (also 200-day moving average). Now we wait for price to 1) break above $0.40 to resume uptrend with upside to $0.50, or 2) pull back near $0.30 support for a swing entry.
Pattern: Falling Wedge typically results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher.
Trend: Uptrend on Short- and Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $0.30 (previous resistance), then $0.25. The nearest Resistance Zone is $0.40, then $0.50.
Trade setup: Bullish Breakout from Falling Wedge pattern (above $0.30 resistance), with robust volume, signaled trend reversal. Price reached our target $0.40 horizontal resistance zone (also 200-day moving average). Now we wait for price to 1) break above $0.40 to resume uptrend with upside to $0.50, or 2) pull back near $0.30 support for a swing entry.
Pattern: Falling Wedge typically results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher.
Trend: Uptrend on Short- and Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $0.30 (previous resistance), then $0.25. The nearest Resistance Zone is $0.40, then $0.50.
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