Previously we have seen, on weekly chart, the priceline was at the support of an up trend line and now finally it has spiked from $0.10 to $0.18.
Up channel on long term chart:
Now on the weekly chart, the priceline has started its move in an up channel. At the moment it is at the resistance of this channel. There is also 25 simple moving average support above the support of channel and 50 SMA is also moving up to the support.
Wedge formation and a possible move to $0.20:
On 4 hour chart, the price action is moving in a wedge and rejected by the resistance. In case of breakout the price action of Cardano can reach at $0.20.
Down channel:
The priceline has also formed a down channel within the above wedge pattern. There is also 100 SMA at the support of this channel.
Harmonic Shark formaton:
On 2 hour chart, the priceline is also forming a bullish Shark. Now the potential reversal zone of this harmonic move starts from $0.1479 and ends up to $0.1440. This is the same level where we have the supports of wedge and channel on 4 hour chart.
Conclusion:
There is a strong possibility that the priceline will retest the supports of wedge and channel on 4 hour chart and then move up for breakout to hit $0.20 very soon. But if the price acton of ADA will break down these supports then it may re-test the support of an up channel on weekly chart that is at $0.10.
Up channel on long term chart:
Now on the weekly chart, the priceline has started its move in an up channel. At the moment it is at the resistance of this channel. There is also 25 simple moving average support above the support of channel and 50 SMA is also moving up to the support.
Wedge formation and a possible move to $0.20:
On 4 hour chart, the price action is moving in a wedge and rejected by the resistance. In case of breakout the price action of Cardano can reach at $0.20.
Down channel:
The priceline has also formed a down channel within the above wedge pattern. There is also 100 SMA at the support of this channel.
Harmonic Shark formaton:
On 2 hour chart, the priceline is also forming a bullish Shark. Now the potential reversal zone of this harmonic move starts from $0.1479 and ends up to $0.1440. This is the same level where we have the supports of wedge and channel on 4 hour chart.
Conclusion:
There is a strong possibility that the priceline will retest the supports of wedge and channel on 4 hour chart and then move up for breakout to hit $0.20 very soon. But if the price acton of ADA will break down these supports then it may re-test the support of an up channel on weekly chart that is at $0.10.
