Cardano / ADAUSD - Outlook Long term Bullish, Short term BearishHi guys. Welcome to my TA analysis on Cardano. Compared to some cryptos im liking how the charts have been for ADA. Just FYI this is purely Technical Analysis, i do not dive into FA at all and base my trading discussions strictly on TA.
That being said, i do use FA to determine which projects are likely to have strong company dynamics and actual use case when trading cryptos as ive been burned heavy before.
I will also be looking to chart more cryptos moving forward as i believe we are at the beginning stages of the crypto bull market. Make sure to tune in for more info on that in my future analysis.
Lets dive in:
First lets look at PRICE ACTION:
Look at the numbered trend lines i have drawn.
#1 line = Is this major resistance downtrend or "bear market" resistance line that formed from ADA HKEX:3 top back in August 2021. \
We have BROKEN OUT and tested it as SUPPORT along with covergence of support forming line #2 this intermediate support trend from Jan 2023.
THIS IS GREAT TO SEE as this means we have have broken the downtrend we were in since 08-2021.
Now does this mean the bottom has formed? Its possible, YES at $0.23 but do notice we can still technically test line #1 and go below $0.23 cents or near it at the least for double bottom even. But that depends on ADA BTC pair relation and how the bull move shapes up in terms of BTC dominance.
#2 line - this is an intermediate support line formed from Jan this year. If we cant stay above line #4 , the red resistance line we can test it at any point as support, im in the camp that maybe thewhite circled area where the 200 Day moving average intersects line #2 is a potential area to look at.
line 2 along with orange arrow forms a upward channel. Notice here how Orange arrow is acting as resistance and todays candle is looking bearish with upper wick.
#3 line - This line is a short term support line where in the coming days we can test, especially if the price action is pushed down by orange arrow.
#4 line - This line was major support back in May 2022, then acted as major resistance recently in Feb. We have to now see how price action acts as we come down to test it. We want to STAY ABOVE.
In the short term i believe we will DEFINITELY test where Lines #3 & 4 MEET. If we can stay above, act as support and bounce up. solid area to Buy in. But remember this could be a temporary fake out to the upside, meaning we are bound to come down. I would need solid confirmation that we stay above these 2 lines.
BUT a major area i would look to enter more positions will be the 200 DMA and line #2. That seems like it would be major support.
INDICATORS:
1. Purple line is the 200 day moving average (dma). Notice how we are above the 200 DMA this is also a great sign as long as we stay above it. The thing to pay attention is how and if/when we react again with this in the near future. We need it to be SUPPORT. I would like it also to start curving upwards, which it may do as we are starting to flatten out.
2. RSI - Important to note we maybe forming a lower high. But price action formed a higher high. This is bearish divergence. Which could push price down, causing price action to interact with drawn lines.
Todays close is important, as we created a peak and are pointed down.
3. ADX and DI - Also shaping up to be bearish divergence. Where bullish momentum is decreasing but price action seems to form higher high recently. Notice the white circled area, the green line is pointing down, showing a decline in bullish momentum
BEARISH DIVERGENCE is when price action is moving up forming higher high shown by the ORANGE arrow but indicators are pointing down forming lower highs also shown by arrow. Price tends to move down over time.
CONCLUSION: I think overall ADA seems more bullish than other ALTS but remember that doesnt mean we can't see lower prices than 0.23 cents and still be in a bull market especially if BTC dominance is strong. It is therefore important to gauge at BTC dominance and BTCADA pairings when going for longer term trades. There are loads of positives for ADA, like breaking the major resistance that was formed during downtrend from HKEX:3 and testing it as support. There are also alot of support if ADA does move down which just means more buying opportunity especially since i believe we are in the makings of the new bull run. A MAJOR WARNING however and something to watch carefully is the BEARISH DIVERGENCE and if and when it plays out. That could mean short term price drops. Look to the support lines drawn and the 200 DMA. But overall i believe Cardano is starting its bullish run and am long ADA until proven otherwise.
Hope this helped. If you likes what i put out, Please boost, follow and comment. Let me know if you agree or disagree. Stay tuned for updates and more charts on crypto and other assets as well. Look below for related charts especially chart on BTC and recent analysis on another ALT>
DISCLAIMER: This is by no means financial advice. I am not a fiancial advisor. The info expressed here are only my opinion and for educational purposes. When trading please maintain your risk management and protect yourselves with stop loss.
Cardano
A lot of money needed for this to move though 😊Here we have 2 possible scenarios! I see Cardano trying to break out from the triangle pattern however it needs to be a big breakout and we don't see that yet except for 15min TF. Still not enough of a confirmation, breakout then re-test of trendline before kicking off. I think it would go up that much but good enough for a small scalp trade in the lower timeframes. A lot of money is needed for Cardano to move strongly and it's been going down consistently for a long time so I advise manage risk properly. We could potentially see a down move as well if it fails to breakout any higher and that would mean a continuation of the juggernaut downtrend we've always been into lol... which makes sense being an overall bear market.
✴️ Cardano New 200 Days HighYesterday ADAUSDT hit its highest price in 200 days as it launched a new open source tool to develop smart contracts on Cardano, Aiken.
The chart continues to look pretty good...
What one does, the rest follows!
Cardano hit bottom late Dec. 2022 and started the year with a bang, same as the rest of the Altcoins market.
After peaking in February a strong correction took place which is normal after a period of sustained growth.
This correction ended mid March, the 10th of March to be exact, in a higher low.
Now we are witnessing the resumption of the bullish trend.
This is something we have been tracking/expecting and it is likely that additional growth will follow in the coming days.
Namaste.
ADAUSD cardano big Pump?hello everyone... alot of whales are jumping in the cardano lately... and recently the price has broken through main resistance level will it pull back? at this point chances are very slim since its heating up with investors.. as long bitcoin remains bullish to reach its highest at 32k.. most likely cardano will each it's highest at 0.60
in 4hr timeframe support are 0.44 and 0.42 it can likely test back to..
this is an update to my previous analysis...
good luck to all investor...
Trading Idea on ADA/USDBINANCE:ADAUSD
Based on the technical analysis of Cardano (ADA/USD) on the daily timeframe, a potential cryptocurrency trading idea could be to buy ADA/USD at the current price of 0.450, with a stop-loss order set at 0.400 and a target price of 0.600.
The rationale behind this trade idea is based on the recent bullish trend of ADA/USD, which has been trading above its 50-day and 200-day moving averages. This indicates a potential upward momentum in the price of ADA/USD, which could be a profitable opportunity for traders.
Furthermore, Cardano has been making significant progress in terms of development and adoption, which could further increase the demand for ADA in the long run. This is evidenced by the recent partnerships and collaborations announced by Cardano, as well as the growing number of users and developers joining the Cardano ecosystem.
However, as with any investment, there is no guarantee of future returns, and investors should always conduct their own research and seek professional advice before making any trading decisions. It is important to monitor the price movement closely and adjust the stop-loss order accordingly to manage risk effectively.
✳️ Double Bullish Divergence & Volume Confirms Reversal | ADABTCCardano bottomed 20-March vs Bitcoin and this can be confirmed through multiple chart signals.
Feel free to boost and let's dive in.
First, we have a double bullish divergence, classic, plain and simple.
We can see Cardano (ADABTC) printing a long-term lower low between March 2023 and May 2022.
The MACD on the other hand printed a long-term higher low in this same time window:
The RSI's bullish divergence is younger but still valid and strong, March 2023 vs Dec. 2022:
The signal is still valid and good.
Next, for a low/support confirmation is the volume signal.
We have high volume May 2022, just check the volume line/bar on this date on the chart.
March 2023 as a new 10 months low is hit, no volume/low volume.
A new low with no volume signals that this move is either weak, already over or just the market looking for liquidity rather than a trend continuation move.
With all this said, there can still be more correction but this is a low probability scenario.
A new low can be hit with the same conditions described now because it is still early on the bounce and no volume on the way up.
Now, looking at the other Altcoins, such as XRPBTC and SXPBTC, we see the reversal is already taking place.
Thank you for your continued support.
Namaste.
🔥 Cardano Bullish Channel: Slowly Grinding Up!ADA has been trading inside this bullish channel for nearly three weeks now. I'm anticipating that it will continue to do so in the near future.
I'm looking for a move towards the bottom support area of the channel before considering an entry. Target is the top of the channel.
ADA/USDT Technical Analysis Update: Bullish Breakout Potential &ADA/USDT Technical Analysis: Potential Bullish Breakout in Sight
Cardano (ADA) is currently trading at $0.41, showing a 39% increase from its recent bottom. In this technical analysis, we will discuss the potential for a bullish breakout in ADA/USDT and the target price if it occurs.
White Neck Line Resistance
Left Shoulder, Head, and Right Shoulder Formation
Potential Target Price
Stop Loss
Conclusion
Inverse Head & Shoulder White Neck Line Resistance:
The current price of ADA/USDT is testing the white neck line resistance, which, if broken, could trigger a bullish breakout. Therefore, traders and investors should keep an eye closely on the current price level and monitor the price action closely.
Left Shoulder, Head, and Right Shoulder Formation:
The left shoulder, head, and right shoulder formation is a well-known technical pattern used by traders to identify potential trend reversals. In the case of ADA/USDT, the pattern has already formed perfectly, with the current price level testing the white neck line resistance.
Potential Target Price:
If the breakout occurs, the potential target price for ADA/USDT is $0.73, which is a 76% increase from the breakout level. However, it is important to note that this is not a guaranteed outcome, and the price may fluctuate depending on various factors.
Stop Loss:
To mitigate potential losses, traders should place a stop loss below the neck line support. This will limit the downside risk in case the breakout does not occur or the price reverses.
Conclusion:
In conclusion, the current price level of ADA/USDT is testing the white neck line resistance, and a bullish breakout may occur soon. However, traders and investors should do their own research and analysis before investing in any cryptocurrency. Technical analysis is just one tool that can be used to make informed investment decisions.
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✅ADA is expected to move to 0.7$ADA has created an Inverse head and shoulder pattern which means that the price shall increase as much as the measured price movement (AB=CD).the break out is about to occur so stay tuned for a sharp bullish movement. The resistance for this movement sits around 0.7
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🌍Thank you for seeing idea .
Have a nice day and Good luck.
Cardano ADA Price Targets after the Ethereum Shanghai upgradeEthereum’s Shanghai upgrade is scheduled to launch on April 12.
The upgrade will make more than 18 million ether, worth approximately $34Billion, withdrawable, possibly causing a sudden crypto market supply dump.
This is my scenario for Cardano ADA:
ADA/USDT short
Entry Range: $0.38 - 0.41
Take Profit 1: $0.34
Take Profit 2: $0.28
Take Profit 3: $0.24
Stop Loss: $0.44
Cardano broke out of the Falling Flag and showing upside to 0.42Falling Flag formed on Cardano after the extended upside trendline.
It's broken up and is showing strong buying to the next target of 0.4201
7>21>200 - Bullish
RSI>50
Sell Side Liquidity Order Block where Smart Money is sweeping all the selling and buying into it...
✴️ Cardano Massive Growth Potential Intact... Prepare!Both Ethereum (ETHUSDT) and Bitcoin (BTCUSD) hit a new high recently... Cardano will not stay behind, mark my words.
Cardano (ADAUSDT) and the rest of the Cryptocurrency market is set to follow... It is set for astonishing growth.
The next target we are aiming above $0.5555 but this is only the end of the third wave, remember that the complete pattern is 5 waves, the bulls are only getting started.
Namaste.
🔥ONE MORE PULLBACK TO PUMP CARDANO ABOVE HIGHS: THE 3 TARGETS!🔥Hi, friends! Cardano like most of altcoins follows the BTC. I expect one more BTC pullback, so ADA can go lower too. I think that Cardano will pump by +20% at least.
📊 TRADING PLAN FOR ADA:
1. pullback to $0.345-0.3 value area
2. volume growth confirms that the bottom reached
3. bullish BTC
🚩 One more scenario is a pullback below to the $0.32-0.33 value area. It's a deeper pullback that will take the most long traders sl out.
✅ THE MAIN TARGETS FOR ADA:
🔥 $0.42 - the key level and local high
🔥 $0.44 - the key level
🔥 $0.50 - the key level and even number
Traders, what is your favorite altcoin to trade? Which altcoin should I pay attention to? Write in the comments!
💻Friends, press the "boost"🚀 button, write comments and share with your friends - it will be the best THANK YOU.
P.S. Personally, I open an entry if the price shows it according to my strategy.
Always do your analysis before making a trade.