Cardano (ADA/USDT) – Market Analysis & Trade Setup
Current Price: ~$0.74 (as of May 17)
Timeframe: Daily
Status: Ongoing correction within a complex wave structure
Technical Overview:
Cardano is currently undergoing a complex corrective structure within a broader triangle. A B-wave appears to be forming and may still extend upward, offering a potential bullish opportunity. Price action remains within an ascending channel, and support levels are holding for now.
Key Support Levels:
Primary Support Zone: $0.686 – $0.746
Critical Fib Level: $0.686 (78.6% Fib retracement)
Long-term Triangle Structure remains valid as long as price stays above $0.51
Resistance Zone (B-Wave Target):
Resistance Range: $0.787 – $0.849
Trade Strategy – Bullish Setup:
Buy Entry: $0.700 – $0.740
Take Profit 1: $0.787
Take Profit 2: $0.849
Stop-Loss: Daily close below $0.686
Summary:
ADA remains in a corrective phase but is holding key support levels, offering a good risk-reward setup for a potential bullish continuation. As long as price stays above $0.686, a move toward the $0.849 region is a likely scenario.
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