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ADA's retest complete – Preparing for new heights?
In the world of cryptocurrency, Cardano (ADA) has made a significant technical advancement, which could have a profound impact on market sentiment and future prices. The prediction made about three weeks ago has now proven to be correct, and the retest has been confirmed.
✅ Confirmation of retest
In recent days, ADA's price has finally closed above the yellow support line, indicating that the retest was successful. As can be seen in the green circles shown in the chart, both daily candles closed above the line, which is a strong technical signal.
📉 Price fluctuations and expected ranges
The initial prediction for the retest was that ADA's price could come between $0.72 and $0.74, but due to taking more time, it completed in the range of $0.69 to $0.70. It is still considered a strong support level.
🚀 Upcoming target
If the retest remains successful and positive sentiment persists in the market, ADA's price could rise to between $1.14 and $1.20 in the next phase. Some experts believe it could even reach $1.70 if bullish momentum strengthens further.
⚠️ Risk of a Bearish Scenario
Although the market currently appears stable, the current situation of Bitcoin (BTC) could pose a risk. If BTC closes below $112,000, it could be a warning bell for ADA. In this case, ADA's price may drop below the triangle pattern, and if it begins to close below the yellow line, it would be considered a 'False Breakout'.
🔍 Conclusion: Should we be cautious?
The current market structure is positive, but any prediction in crypto is not certain. ADA is currently at a delicate stage. If the retest structure holds, it could prove to be a new bull run for ADA; otherwise, BTC's weakness could push ADA down.
🔖 Important hashtags:
#ADA #CryptoAnalysis #BTCUnbound #CFTCCryptoSprint
#BinanceHODLerPROVE #BitcoinTreasuryWatch #BinanceHODLerTOWNS