Cardano(ADA) had a major correction during the past few weeks, however, I think things might start to turn around soon. Let’s check the charts.
- Resistance (purple lines): 2000, 2400 Sats
- Support (yellow line): 1300, 1050 Sats
- Current Price on CoinGecko: 0.075 Cents
Cardano looks good on the daily chart, meaning I don’t think we will see a lower low from this point. Judging by the RSI indicator, this seems to be the bottom. ADA does not like to stay much near the oversold area.
Another bullish indicator is the TD count. We can see that the 9th candle has been counted on the daily chart and I don’t think it’s the case for a retest.
It looks like ADA is going to make a bullish triangle that will continue to break bullish (4-hour chart), ending with a spike over the 200EMA on the 4-hour timeframe. ADA will find resistance on the daily 200EMA (green lines). From there we will see ups and downs, continuing in an uptrend. The spike I just mentioned will also create a bull cross on the EMAs.
Moving on, we should see a bullish triangle on the daily which, I expect to break bullish as well. Continuing in the uptrend, there will be an ABCD pattern in play, setting us for a higher target.
Mid-Term Targets: 2000, 2250, 2350 Sats
Short Term Targets: 1450/1500 Sats
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Note: Please, keep in mind that this is not financial advice, it is just me sharing my opinion. I am not a financial advisor. Always make sure to do your own due diligence before investing.