Cardano (ADA/USD) is ready for a Breakout! Here's the target:
Cardano rides a powerful and well defined Bullish pattern since mid December, it's been consolidating for a while and lost a bit of pace compared with ETH and others, but the overall technical setup looks really strong at this point.
The Main resistance is around $0.10 and the projected target of a breakout sets at $0.175 using semi-log scale and a classic range projection. Short term support near $0.075 (using the ascending trendline, already with several contacts which reinforces it's strength), a few other references on the downside but the main mid-term support level sits at $0.057 and only then the Bull case can be put at risk.
The recent triangulation makes me think that a breakout is about to happen...
Strategy:
- Given the proximity of the support, the current price range below $0.10 looks like a great entry point for long positions in anticipation of an upside breakout, the risk/reward ration pays off, given the midterm target of $0.175 in case of breakout.
- Short term trading should keep the support/resistance levels in mind, but I wouldn't risk not having Cardano on my pocket.
- Anyone already holding Cardano shouldn't have reasons to be worried while the ascending channel is preserved, even if in a negative scenario there's still room on the downside to keep the bullish case untouched.
The Main resistance is around $0.10 and the projected target of a breakout sets at $0.175 using semi-log scale and a classic range projection. Short term support near $0.075 (using the ascending trendline, already with several contacts which reinforces it's strength), a few other references on the downside but the main mid-term support level sits at $0.057 and only then the Bull case can be put at risk.
The recent triangulation makes me think that a breakout is about to happen...
Strategy:
- Given the proximity of the support, the current price range below $0.10 looks like a great entry point for long positions in anticipation of an upside breakout, the risk/reward ration pays off, given the midterm target of $0.175 in case of breakout.
- Short term trading should keep the support/resistance levels in mind, but I wouldn't risk not having Cardano on my pocket.
- Anyone already holding Cardano shouldn't have reasons to be worried while the ascending channel is preserved, even if in a negative scenario there's still room on the downside to keep the bullish case untouched.
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