ADA Break outs ahead
Hello,
Here is an overlayed Fibonacci retracement for Cardano. You can see the larger of the of the 2 and then a smaller one for the last move. The larger of the layers has it's 0 point at 1668sats which we touched on the 18th of March. I will provide a larger macro view of the chart as well which you can then see the support and resistance levels over the past month.
Sorry for the bad visibility, hopefully you can see, if not I will explain.
In the red lines you can see a pennant forming. This break out is at the 618 (3230) level of the smaller Fib retracement. This will hopefully provide another push, alternatively we can see the 618 level act as a resistance and push the price down again, this will drive down to the lower support at 3060, and may even go as low as 2800 if the market goes overbought. If the upward trend continues I believe we will be finding a push against 3500 sats again. Whether we can break out will depend on the market but I believe there is support. If we continue and with factors like announcements and update from the dev team it is my prediction (assuming all positive news) that we can reach 5000 sats by the 2nd week of May.
There will be plenty of buy in opportunities along the way, see the Fibonacci levels within the chart.
Please leave feedback, I'd love your thoughts.
Here is an overlayed Fibonacci retracement for Cardano. You can see the larger of the of the 2 and then a smaller one for the last move. The larger of the layers has it's 0 point at 1668sats which we touched on the 18th of March. I will provide a larger macro view of the chart as well which you can then see the support and resistance levels over the past month.
Sorry for the bad visibility, hopefully you can see, if not I will explain.
In the red lines you can see a pennant forming. This break out is at the 618 (3230) level of the smaller Fib retracement. This will hopefully provide another push, alternatively we can see the 618 level act as a resistance and push the price down again, this will drive down to the lower support at 3060, and may even go as low as 2800 if the market goes overbought. If the upward trend continues I believe we will be finding a push against 3500 sats again. Whether we can break out will depend on the market but I believe there is support. If we continue and with factors like announcements and update from the dev team it is my prediction (assuming all positive news) that we can reach 5000 sats by the 2nd week of May.
There will be plenty of buy in opportunities along the way, see the Fibonacci levels within the chart.
Please leave feedback, I'd love your thoughts.
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