$ADA /USDT Technical Analysis

📊The Cardano chart paints a picture of consolidation after a recent decline. The price is currently trading at $0.9246, down 6.25% in the past 24 hours. While the short-term trend is bearish, there are signs of potential support building around the $0.8743 level.

Short-term Outlook:📉

📉 Short Entry: Consider a short position near the resistance level of $0.9500.

🛑 Stop Loss: Place a stop loss above the recent high at $1.0174 to protect against a potential reversal.

🎯 Target: Aim for a profit target of $0.8000.

Long-term Outlook:📈

📈 Long Entry: If the price breaks and holds above the resistance level of $0.9500, it could signal a bullish reversal. A long position could be initiated around this level.

🛑 Stop Loss: Place a stop loss below the recent low at $0.8743 to manage risk.

🎯 Target: A potential target for a long position could be $1.1000.

⚠️Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. It is essential to conduct your own research or consult with a financial advisor before making investment decisions.

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