Each pattern begins with a sharp upward pump, followed by a peak phase (blue), a decline phase (yellow), and finally a recovery phase (purple). Currently, we appear to be at or near the end of this pattern, which opens up the potential for another leg up.
📉 On the weekly StochRSI, we are in the oversold zone, suggesting there’s room for a move higher.
📊 The Accumulation/Distribution indicator shows a bullish divergence, which is another positive signal.
💡 On the MACD, selling pressure is fading, indicating Cardano may be gearing up for a breakout in the coming weeks.
However, it's important to note that Cardano might continue consolidating for some time and could even dip as low as $0.50.
🔑 Cardano is unlikely to rally without a move from Bitcoin — either a breakout or at least sideways consolidation. In the latter case, Bitcoin dominance would need to drop, which we might start seeing in the next few weeks.
Lastly, macro factors will also play a role. But as long as nothing major goes wrong, we could start seeing higher prices for ADA by summer.
📉 On the weekly StochRSI, we are in the oversold zone, suggesting there’s room for a move higher.
📊 The Accumulation/Distribution indicator shows a bullish divergence, which is another positive signal.
💡 On the MACD, selling pressure is fading, indicating Cardano may be gearing up for a breakout in the coming weeks.
However, it's important to note that Cardano might continue consolidating for some time and could even dip as low as $0.50.
🔑 Cardano is unlikely to rally without a move from Bitcoin — either a breakout or at least sideways consolidation. In the latter case, Bitcoin dominance would need to drop, which we might start seeing in the next few weeks.
Lastly, macro factors will also play a role. But as long as nothing major goes wrong, we could start seeing higher prices for ADA by summer.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.