So the day started with a bearish tune but now is trading green. Based on the overall market conditions, this little event becomes a very strong bullish signal. This happening confirms the continuation of the bullish trend.
Notice thin blue line on the chart, it was drawn weeks ago but ADAUSDT bounced perfectly off this level. This means that the low is in.
With a continuation happening starting now/today, all that matters are the targets.
Where is Cardano likely to face resistance on the way up?
Which level is a strong resistance vs a weak one?
Consolidation has been happening since early February, which means that we have three months the market gaining strength. This means that Cardano can now perform a very strong move.
$0.91 is very easy and should be ignored. This is a weak resistance and Cardano can move straight up. There can be some days as the market never moves straight up, but no corrections or retraces are expected at this point. The same for $1.01. The next resistance is found at $1.15. This one yes, watch out for it.
The $1.15 resistance matches the rejection in early March as well as twice in January. It is also close to the peak in December. I drew a purple dotted line on the chart.
Since the December peak is so close, let's make the next resistance level a zone or range. Between $1.15 and $1.32. Or you can say $1.15 followed by $1.32. This is the first resistance to watch out for but it should break after a few attempts. It will definitely break because we had several months of consolidation and we are super bullish.
After this range, we have $1.83 and $2.64. Can go higher
These targets should all hit within 1-2 months.
I will leave the rest for another article, just so you have a reason to comeback.
Thanks a lot for your continued support.
Namaste.
