Daily Price Outlook
- Cardano demonstrates resilience as it rebounds from the support level of $0.2600 and completes a 50% retracement from the $0.3017 level.
- A bullish “three white soldiers” candlestick pattern suggests a high likelihood of the uptrend continuing.
- Breaking above the $0.3028 level could lead Cardano towards the next resistance at $0.3208 and potentially higher levels, while a failure to do so may trigger a pullback towards the support at $0.2825.
Cardano has recently shown resilience as it bounces back from a significant support level of $0.2600 and completes a 50% retracement from the $0.3017 level.
This price action is accompanied by a bullish candlestick pattern known as “three white soldiers,” indicating a high probability of the uptrend continuing.
In terms of upside potential, if Cardano successfully breaks above the $0.3028 level, it could target the next resistance level at $0.3208, which aligns with the 61.8% Fibonacci retracement level.
Further bullish momentum may propel it to surpass the 61.8% level and aim for the $0.3468 level, representing the 78.6% Fibonacci retracement. Additionally, the presence of a double top pattern on the daily timeframe reinforces the resistance at $0.3800.
Conversely, if Cardano fails to surpass the $0.3028 level and closes candles below the 50-day exponential moving average, currently acting as resistance around the $0.3010 level, it may experience a pullback towards the immediate support at $0.2825.
A breakdown below this support level opens the possibility of further selling pressure, potentially leading to a decline towards $0.2588 or even $0.2205.
ADA/USD Price Chart – Source: Tradingview
ADA/USD – Trade Idea
Entry Price –Buy Limit 0.271
Take Profit – 0.321
Stop Loss – 0.242
Risk to Reward – 1: 1.72
Profit & Loss Per Standard Lot = +$50/ -$29
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