ADA : Bullish Breakout Signals Strength and Potential Upside

BINANCE:ADAUSDT   Cardano / TetherUS
💎 ADA has broken out of the descending channel and has displayed signs of strength, including CHoCH (Change of Character), BOS (Break Of Structure), and the formation of a W pattern around the 200 EMA. These factors collectively increase the likelihood of a bullish movement.

💎The current zone, previously a resistance area, is now acting as support, as evidenced by historical price action on a larger timeframe.

💎A pullback to the bullish OB levels, coinciding with the Fibonacci golden 0.618 level, is anticipated. This level presents an attractive opportunity for a bounce.

💎However, in the event of ADAUSDT breaking below the demand levels, it would be wise to refrain from seeking bearish opportunities, considering the overall bullish sentiment in the market. Capturing small bearish targets may not be worthwhile in such a scenario.

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