ADA's value dropped to just like most of the other coins. But now it's been consolidating for a while in this price range.
This consolidation helps us to find the possible support and resistance key levels.
As you can see on the chart, there are two support areas on the way down.
The first one is solid support which will hold the price up. The second one is the local support which is still helpful if the price goes down with consolidations.
Also, as per our resistance areas, we have three on the way up.
The first two are the local ones, and they're close to each other. But the third one is the primary resistance which we need to pass to form a bullish breakout.
Now that we have more resistance areas and we have crossed our Bollinger indicator's upper band, it's safe to say that we might experience a few corrections.
The market is showing Sell Volumes for Cardano, so beware, and watch out. No long positions without further confirmations.
Let me know your ideas.
Good luck.
This consolidation helps us to find the possible support and resistance key levels.
As you can see on the chart, there are two support areas on the way down.
The first one is solid support which will hold the price up. The second one is the local support which is still helpful if the price goes down with consolidations.
Also, as per our resistance areas, we have three on the way up.
The first two are the local ones, and they're close to each other. But the third one is the primary resistance which we need to pass to form a bullish breakout.
Now that we have more resistance areas and we have crossed our Bollinger indicator's upper band, it's safe to say that we might experience a few corrections.
The market is showing Sell Volumes for Cardano, so beware, and watch out. No long positions without further confirmations.
Let me know your ideas.
Good luck.
