Hello guys!
Long term perspective
Long-term support zone: Cardano has found support around the $0.30 - $0.35 level, with previous price action indicating strong demand in this area (engulfed area and old S&D zones).
Bullish reversal potential: The price seems to form a bottom after engulfing the support region, hinting at a potential bullish reversal.
Long-term target: The next major resistance is in the $1.20-$1.80 zone, marked as a long-term target, which aligns with previous highs.
Upside path: If the current support holds, ADA could be positioned for a sustained rally toward the long-term target, especially as buyers regain confidence.
Bearish scenario: A failure to hold support around $0.30 could see the price retesting to below $0.18.
Short term perspective
Immediate Support Zone: Cardano (ADA) is testing a strong support area between $0.33 - $0.34, which aligns with the lower trendline.
Potential Bullish Rebound: A bounce from this support zone could see ADA targeting the resistance zone at $0.38 - $0.39. The engulfed area suggests a possible reversal signal.
Clear Resistance: The $0.39 zone is a significant resistance where sellers previously controlled the market, making it a critical area to watch for any breakout.
Downside Risk: If support fails to hold, the next potential drop could bring prices lower toward $0.30.
Regards, Trade Cryptocurrency
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