The Cardano chart setup you and I spotted a week ago is ready to resume growing. Most likely.
The falling wedge depicted on the chart represents a correction, a mild one. After the correction there was an advance and the first resistance level produced a retrace. This was a strong retrace but the action remains as a strong higher low and a bullish resumption is more likely than a bearish continuation.
The reversal 20-Dec. was a very strong one, indicating that this is likely the correction bottom. The recent retrace was also a strong one but it reached nowhere near to the 20-Dec. low.
Let's look at this from a different perspective. ADAUSDT is considered bullish above 0.76. If it trades above 0.83, this pair is strongly bullish and a new bullish advance can develop at any time.
The action is happening above 0.83, current price is 0.91, so Cardano is bullish, technically speaking. We are bullish on Cardano and expect higher prices in the coming weeks and days.
With all this said, remember that market conditions can always change. If there is break of support on the weekly timeframe, we can expect lower prices. If the support is pierced on the hourly or daily timeframe, this is no big deal as a recovery can happen the next day.
The target can be seen on the chart.
Sideways is also possible.
Full trade-numbers below:
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ADAUSDT (PP: 140%)
ENTRY: $0.8300 - $0.9365
TP1: $1.0147
TP2: $1.1409
TP3: $1.3452
TP4: $1.4907
TP5: $1.6757
TP6: $2.2105
STOP: Close weekly below $0.8000
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Thank you for reading.