📈Cardano (ADA): Bullish Breakout & Potential Targets💸💎
🔍Cardano (ADA) has broken above its previous resistance level and formed a higher high on the weekly timeframe. The coin has also successfully broken through the supply zone at $0.6 and activated a rounding bottom pattern.
🛒Currently, ADA is in a good position for a long trade. However, if you want to be more conservative, you can wait for a pullback to the $0.65 zone before entering a trade.
🚀The next resistance level for ADA is between $1.1 and $1.2. We can expect the price to at least touch this level, making it our first target. The next resistance level is at $3, which is the coin's all-time high (ATH). This level is likely to hold the price for some time and could be a good area to take profits.
📊On the positive side, volume has been perfectly in line with the trend since October 2023, confirming the uptrend. There is no bearish divergence on the volume indicator. The breakout candle also had high volume, which could be the start of a new uptrend.
🗯The RSI oscillator has recently entered overbought territory, which could lead to increased market volatility. The RSI could rise to a resistance level of 81.99, in which case our first target is likely to be hit.
🛑I recommend placing a stop-loss below the previous low of $0.45. This would give you a slightly tighter risk tolerance compared to the previous recommendation, while still maintaining a reasonable risk-to-reward ratio.
🧠💼This is not financial advice, and it is only my personal opinion on this cryptocurrency. Please do your own research before making any investment decisions.
🛒Currently, ADA is in a good position for a long trade. However, if you want to be more conservative, you can wait for a pullback to the $0.65 zone before entering a trade.
🚀The next resistance level for ADA is between $1.1 and $1.2. We can expect the price to at least touch this level, making it our first target. The next resistance level is at $3, which is the coin's all-time high (ATH). This level is likely to hold the price for some time and could be a good area to take profits.
📊On the positive side, volume has been perfectly in line with the trend since October 2023, confirming the uptrend. There is no bearish divergence on the volume indicator. The breakout candle also had high volume, which could be the start of a new uptrend.
🗯The RSI oscillator has recently entered overbought territory, which could lead to increased market volatility. The RSI could rise to a resistance level of 81.99, in which case our first target is likely to be hit.
🛑I recommend placing a stop-loss below the previous low of $0.45. This would give you a slightly tighter risk tolerance compared to the previous recommendation, while still maintaining a reasonable risk-to-reward ratio.
🧠💼This is not financial advice, and it is only my personal opinion on this cryptocurrency. Please do your own research before making any investment decisions.