Hi all,

Cardano, ADA Update, Weekly Chart

Hi. Since most of you wanted to see the ADA analysis, I wanted to share my opinion and the technical analysis of Cardano.

First, let's have a look at the following chart below:

Weekly Time Frame Update:

It is clear that the ADA has completed several years of correction and has formed a new structure.

As you can see, we have Wave B on the chart. Wave C, a retest and finalization of this correction, can be expected to touch around $0.728. Below is another Fibonacci Support at $0.605 that needs to be considered.

1. So, ADA is on the sideways between $1.327 and $0.728, considered Wave 2.

2. RSI Indicator Levels are bullish as below

The initial resistance stands at $1.327, where ADA stopped. The correction is shown below on the zoomed chart.

3. Target Fibonacci Level stands at $3.502 with the 3rd Wave

4. After the 4th Wave Correction, ADA can aim for higher targets such as $7

5. The following levels should be considered key in the short-mid term:

Resistances: $1.327, $1.547, $2.515, $3.02

Supports: $0.728 and $0.605

Bonus Content:

Daily Chart Update:

ADA had a clear break on the daily time frame. As explained above, a $1.327 break-out will allow ADA to continue its momentum.

Thank you for reading!

Best,

Dark

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