Cardano (ADA) Is On The “Ascending Triangle” & Ready To Explode!
On Friday, we said that Cardano has attempted to break the resistance four times. Now, we have ten(!) failed attempts to break this round number at $0.07! We haven't got a four-hour candle close above the mentioned level so, we can say that this level is pretty significant if we want to see a bullish leg upwards but luckily, we have bullish sings.
Unlike Bitcoin', the Cardano shows us a bullish chart pattern- "Ascending Triangle". If we get a candle close above the round number and above the triangle then definitely, we see a nice bullish move upwards because the price is pushed together and ready to explode!
If Cardano breaks this key level then You already know our targets but let's repeat those! Our targets are based on Fibonacci retracement levels (pulled from and previous support levels: Sept. 5th to Sept. 12th):
1. Around $0.08 - like you see from the current example the round number starts to work as resistances, in this area, there is also the Fibonacci retracement level of 38 percent and strong support/resistance area (red box).
2. Around $0.089- in this area, we have a previously worked resistance level and the perfect Fibonacci retracement level of 62 percent.
If Cardano and the whole market don't find the momentum and if we get a breakout downwards from the triangle then we may go to retest the 'old' support level (12.09) at $0.061. To secure your portfolio then selling sign would be a close below the triangle (at least four-hour candle close)
Hopefully, those levels and this analysis helped You out a little bit to confirm Your own analysis!
Please, don't forget to hit the LIKE button to support us!
Best regards!
Unlike Bitcoin', the Cardano shows us a bullish chart pattern- "Ascending Triangle". If we get a candle close above the round number and above the triangle then definitely, we see a nice bullish move upwards because the price is pushed together and ready to explode!
If Cardano breaks this key level then You already know our targets but let's repeat those! Our targets are based on Fibonacci retracement levels (pulled from and previous support levels: Sept. 5th to Sept. 12th):
1. Around $0.08 - like you see from the current example the round number starts to work as resistances, in this area, there is also the Fibonacci retracement level of 38 percent and strong support/resistance area (red box).
2. Around $0.089- in this area, we have a previously worked resistance level and the perfect Fibonacci retracement level of 62 percent.
If Cardano and the whole market don't find the momentum and if we get a breakout downwards from the triangle then we may go to retest the 'old' support level (12.09) at $0.061. To secure your portfolio then selling sign would be a close below the triangle (at least four-hour candle close)
Hopefully, those levels and this analysis helped You out a little bit to confirm Your own analysis!
Please, don't forget to hit the LIKE button to support us!
Best regards!
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