"Could" is a term of possibility and not certainty. Anyway, let's let bygones be bygones.
(1H CHART)
ADA is testing the 38.2% Fibonacci level around 1.1725. If ADA manages to hold this level as support, it would look for a rally towards the 50% and 61.8% levels.
With the CRSI at 64.29, we are still outside the overbought zone, suggesting there is room for further gains before the asset is considered overbought.
The MACD is in the green with the MACD line above the signal line, which is normally an indicator of bullish momentum. As long as this setup holds, we can expect continued upward momentum.
Therefore, keep an eye on the current support and look for confirmation signals for a bullish continuation. (MACD LINE CROSSOVER).
DISCLAIMER:
The information provided in this analysis on Cardano (ADA) is for informational purposes only and does not constitute financial, investment or other advice. Cryptocurrency trading involves a high level of risk, including the possibility of losing your entire investment. Market movements are unpredictable and can be influenced by global factors that are beyond the control of any analyst or model.
