Cardano (ADA) technical analysis:
Trade setup: Price is in an Uptrend, trading in a Channel Up pattern. Likely to revisit the channel resistance trendline around $0.50, which also lines up the horizontal resistance zone. After 3x failed attempts, price finally broke above $0.40, indicating that buyers have soaked up all the supply from sellers and price could resume its Uptrend with upside to $0.50.
Pattern: Price is trading in a Channel Up pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral). MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance: Nearest Support Zone is $0.40, then $0.30. The nearest Resistance Zone is $0.50, then $0.60.
Trade setup: Price is in an Uptrend, trading in a Channel Up pattern. Likely to revisit the channel resistance trendline around $0.50, which also lines up the horizontal resistance zone. After 3x failed attempts, price finally broke above $0.40, indicating that buyers have soaked up all the supply from sellers and price could resume its Uptrend with upside to $0.50.
Pattern: Price is trading in a Channel Up pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral). MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance: Nearest Support Zone is $0.40, then $0.30. The nearest Resistance Zone is $0.50, then $0.60.