Cardano has moved up impressively after testing the demand area around 0.00001 with significant volume. Some macro news regarding a partnership with Metaps Plus, which enables ADA for purchases in 33,000 stores in South Korea.
We can see that ADA has broken above the supply zone it had trouble to break multiple times and we will soon see if it uses it as support, which also coincides with the 23.6%FIB level. If we can get a strong bounce from this level, a long position can be entered near this zone with targets outlined in the chart.
However, we can see that the RSI and MACD have both moved up but the RSI is hitting resistance at the downward trendline so traders need to keep an eye on this if they are planning to enter a position. As always, one must keep an eye on BTC's price movement to give an indication whether or not to enter or hold off on a trade.
If BTC rejects where we currently stand, it might be a good idea to wait it out and see what BTC decides to do! Always respect your risk management!
Please hit the 'like' button and give us a follow!
Let us know what you think below!
Thanks
We can see that ADA has broken above the supply zone it had trouble to break multiple times and we will soon see if it uses it as support, which also coincides with the 23.6%FIB level. If we can get a strong bounce from this level, a long position can be entered near this zone with targets outlined in the chart.
However, we can see that the RSI and MACD have both moved up but the RSI is hitting resistance at the downward trendline so traders need to keep an eye on this if they are planning to enter a position. As always, one must keep an eye on BTC's price movement to give an indication whether or not to enter or hold off on a trade.
If BTC rejects where we currently stand, it might be a good idea to wait it out and see what BTC decides to do! Always respect your risk management!
Please hit the 'like' button and give us a follow!
Let us know what you think below!
Thanks
Updates to come!