Cardano (ADA) in Rising Wedge, Approaching Resistance
Updated
hello guys.
Rising Wedge Pattern: Cardano is currently forming a rising wedge, a pattern that often suggests a potential bearish reversal after an uptrend.
Resistance Levels: Key resistance at 0.7021, where price may face selling pressure if approached.
Support Zones: Immediate support at the lower boundary of the wedge. A breakdown here could signal a pullback toward the lower range around 0.6039 or deeper, to the 0.5193 support level.
Potential Scenarios: If ADA breaks above resistance, it could attempt a further rally toward 0.7800. A rejection, however, may initiate a downside move within or below the wedge pattern.
Next Steps: Monitor the price action at key resistance and support levels for breakout or breakdown signals, with a focus on volume for confirmation.
Rising Wedge Pattern: Cardano is currently forming a rising wedge, a pattern that often suggests a potential bearish reversal after an uptrend.
Resistance Levels: Key resistance at 0.7021, where price may face selling pressure if approached.
Support Zones: Immediate support at the lower boundary of the wedge. A breakdown here could signal a pullback toward the lower range around 0.6039 or deeper, to the 0.5193 support level.
Potential Scenarios: If ADA breaks above resistance, it could attempt a further rally toward 0.7800. A rejection, however, may initiate a downside move within or below the wedge pattern.
Next Steps: Monitor the price action at key resistance and support levels for breakout or breakdown signals, with a focus on volume for confirmation.
Trade closed: target reached
the target of the long position is hit!
#ada #cardano
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👉 my exchange: bit.ly/LbankMeli
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👉 my Autotarder: bit.ly/btse
____
telegram channel: t.me/melikatrader94
forex telegram channel: t.me/melikatrader94GoldForex
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