Good morning my fellow Cryptocurrency trader, I know you are having a wonderful day because the market is doing great. We looked at Cardano together on the weekly timeframe and this is a big picture but what about short-term? Where are prices headed next? The next target, resistance/support and the moving averages of course.
I've been looking at the moving averages lately and this is a theme that I will continue for a few days, or weeks, once we exhaust it we use other indicators. You know we also like the RSI and MACD, candlestick reading, volume, chart structure, chart patterns, market cycle, etc. Marketwide action, subtle signals, market sentiment, on and on.
Cardano is already trading above many major moving averages but this is a recent event. First consider the fact that in late 2024 ADAUSDT grew 320% right after breaking above the same EMAs that I am showing you now.
ADA closed just recently above EMA89, EMA233, EMA55, etc. Only MA200 is missing and this is an important one but will soon break. I am not showing it here because the action is still happening below.
There is a rounded bottom. This alone is a reversal signal already confirmed because the action is happening above the base of the pattern. In April we had a triangular bottom and here we can see an alternation. In February it was a straight line. A straight line, a triangle and then a circle; interesting.
The bullish bias is confirmed and we are seeing straight up, the next target is 0.8194. Cardano has been green four days straight. Go back to November 2024... The possibility exist for continued growth. Day after day after day. At some point there will be a stop, can be a retrace or correction. Know that when this stop happens it is not the end. There will be several stops along the way but we are set for a strong new all-time high. You will need to be patient while holding but just make sure to aim high. Don't get greedy of course. If at some point you start to feel anxious, read on the topic, go out into nature or simple sell a small portion until you feel better. The best choice is to be prepared and this can be done by studying the charts and the market. If you have a good plan and a nice map you will do fine. If you are an advanced trader, I am sorry, let's get back to the chart.
$1.01, $1.30, $1.15. These are all resistance. So there will be some challenge around this price zone. Once it is conquered though the advance should be swift until 1.83. Another stop and then 2.65 which is the main target for 262%. Depending on how this level is handled we will update the chart and the targets. For higher targets look at earlier analyses or those on the weekly timeframe.
Thank you for reading.
Namaste.
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