ADA has rallied over 4.5% today and is now testing a key supply zone around 0.8412. This area has acted as a strong resistance in the past and coincides with high volume on the visible range profile.
Key Zones:
Supply Zone (Resistance): 0.8412 – 0.8460 (expect rejection or a strong breakout).
Support Zone 1: 0.7642 – Mid-range support and previous structure.
Support Zone 2: 0.7000 – High volume node and strong demand area.
Major Support: 0.6748 – Key swing low.
Scenarios:
Bearish Rejection (Likely):
Price is hitting an established supply zone with previous selling pressure.
Bearish confirmation here could lead to retracement toward 0.7642 or even 0.7000.
Bullish Breakout (Less Likely but Explosive):
If ADA breaks and closes above 0.8460 with volume, we could see a continuation rally.
Look for pullback entry setups if breakout occurs.
Trade Plan:
Short Setup: Look for bearish candlestick patterns (e.g., engulfing, pin bar) inside supply zone.
TP1: 0.7642 | TP2: 0.7000 | SL: Above 0.8480
Wait-and-Watch for Breakout Buyers: If we get a strong breakout and retest, bulls may get a long opportunity.
Bias: Neutral-to-Bearish until breakout is confirmed
What do you think? Rejection or Rally? Comment your thoughts below!
#ADA #Cardano #Crypto #PriceAction #SupplyDemand #CryptoTrading #LuxAlgo #TechnicalAnalysis #TradingView
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