Eightcap

Has Cardano started a new leg higher?

Long
EIGHTCAP:ADAUSD   Cardano / USD
Happy Monday, TradingView community. After a flat weekend, buyers have defiantly hit the new week with a lot more energy. After a hesitant start, buyers came back into the crypto markets during today’s Asian session.
Today’s European session comes online. We’re still seeing strong interest, with many of the top 10 continuing to hit solid gains.

Our focus today is on Cardano . Has today’s rally started to confirm a new leg high? What has our interest is the pattern before today’s action. We can see a clear LL that failed to hold and a new HL in May. We did see one attempt by buyers fail after they tested .6850. After consolidation, today’s move is a breakout with support at .5460 and minor resistance at .6040. We want to see price close above resistance today.

Looking forward, we want to see how buyers handle their latest move back into the last supply area. A break above or firm close, close to .68 would be a good sign buyers are in control of momentum. A close below 0.600 would worry, in our opinion.

Thanks for stopping by, and good trading.

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