#CardanoMagic $ADA Trade Analysis

Trade Type: Long Trade

Entry: The price has broken out of the range (pink area). Enter the long trade just above the resistance level (around 1.065)

Stop Loss: Place the stop loss below the resistance level (around 1.055)

Take Profit: You can choose your take profit level based on your risk tolerance and market conditions. A potential take profit level could be above the previous high (around 1.089)

Reasoning: The price has been range bound for some time and a breakout above the resistance level indicates bullish momentum. This could lead to a sustained upward trend.

Important Considerations:

Risk Management: It is crucial to manage your risk by using a stop loss order.

Market Conditions: Always consider the overall market conditions and potential news events that could affect the price.

Trade Confirmation: You can use additional technical indicators to confirm the breakout and increase your confidence in the trade.

This is just an example and should not be considered investment advice. Always do your own research and consult with a financial advisor before making any trading decisions.