Cardano (ADA) Update 24/11/21: $4.29 Target🎯Potential 200% GainCardano (ADA) Update 24/11/21: $4.29 Target🎯Potential 200% Gain. From the previous HL (May Crash to July Bottom), since hitting a new ATH @ $3.09 on the 2nd September, Cardano has been consolidating in the range between 61.80% and 38.20% Fibonacci level in the range between $2.28 & $1.81. From the current price action and looking at the momentum oscillators, ADA is in an oversold market condition and we can expect bullish sentiment back in the market. It is important to note that confirmation of the 2nd leg up will require ADA to break above the 200 SMA around $1.90 for a true breakout back towards the ATH price and our target at the 161.80% fibs @ $4.29.
From the current price we expect ADA to push above the 61.80% with a clean break above this level as ADA has failed several times now to flip this critical level into strong support for the next push phase towards $2.60 at the 78.60% Fibonacci level. For the next impulsive move, it is important for ADA to establish the 61.80% and 78.60% fibs as levels of strong support.
Our current targets for Cardano (ADA) from the current price level @ $1.62.
127.20% fibs @ $3.59 (120% Gain)
161.80% fibs @ $4.29 (163% Gain)
261.80% fibs @ $6.31 (287% Gain)
423.60% fibs @ $9.59 (486% Gain)
Use Buy Zone to map out your entry. Please see previous analysis below. Happy Trading :)
Cardano Update 22/08/21: $2.45 Target Hit 🎯10% Gain to $2.85 at the 127.20% fibonacci level. Expect a small pull back from the 127.20%, the next target from here is $3.35 at the 161.80% fibonacci level. From the current price level it is a 29% gain to a new ATH at $3.35. Please see previous analysis below. Happy Trading :)
Cardano Update 13/08/21: Next Stop $2.45 20% Gain. Cardano has gone parabolic since the 13 EMA crossed up above the 50 SMA on the 5th August, gaining 53% in the past 8 days from $1.33 to $2.04 showing great strength and momentum for ADA as it looks ready to retest the ATH which is 20% gain from the current price level. The next price target after the ATH is at the 127.20% Fibinacci level @ $2.85 which is a 38% gain from the current price @ $2.04 and at the 161.80% Fibonacci level @ $3.35 (63% Gain from current price). See previous analysis below. Happy Trading :)
Cardano hit our 33% Gain price target on 26/02/21, going beyond this target and surpassing to a new ATH , currently we still above the previous target and although retracing shortly after the new ATH $1.48 ADA is still currently 33% above last weeks close as we enter the new month. We are still bullish setting our EOY Target for ADA at $9.
Looking on the other side, a reversal from this price level is merely impossible and would mean the current price sinking down -127.2% but a possible touch at the 100% Fib retracement could be in play but I believe the bulls are very much still in control.
Key Buy Zone highlighted between 23.6% and 50% Fib retracement levels (Buy Zone 1). Use the buy zone to map out your entry for buys. Mid term Price target at 127.20% Fibs $1.66 and the Fib extension level of 161.80% @ $1.88. These price targets are all in play for the coming month with a possible gain between 55% to 75% from Buy Zone 1 at the 38.20% Fib retracement level of $1.08.
Overall very bullish outlook on ADAD with a long-term price target of $9 EOY.
A further retracement to Buy Zone 1 is expected looking at the 13 EMA as this could possibly touch price levels just above the 50 SMA before we continue on this bullish impulsive uptrend as further profit taking is expected at these current levels. Note the bulls are still in the market with such strong fundamentals and positive news expected around the ADA hard fork on 01 /03/21 with the development of Mary and note possible Ethereum killer. Happy Sunday Traders lets have another great month ahead of us!! #Cardano #Ada
