Cardano (ADA) – Potential Rebound or Further Decline?

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hello guys!

such a day!
let's look at ADA!

Breakdown from the Ascending Channel:
The price has fallen below the ascending channel, signaling a potential bearish trend continuation.
A key support level around 0.7765 was broken, and the price is now testing lower regions.

Two Possible Scenarios:

1. Bullish Rebound: If the price reclaims 0.7765, a retest of higher levels like 0.95 - 1.00 USDT is possible.
   
2. Bearish Continuation: If rejection occurs, price could drop further towards the 0.4836 Fibonacci level and even 0.2910 as the next demand zone.
   

Key Support and Resistance Zones:
Resistance: 0.7765 - 0.80 USDT (previous support, now resistance).
Support: 0.63 USDT, 0.48 USDT, and 0.29 USDT (major demand zones).

Trading Outlook:
Bullish Case: A successful reclaim of 0.7765 could lead to a price recovery.
Bearish Case: Failure to hold current levels may result in further downside.
Traders should monitor price action near 0.63 USDT for confirmation of the next move.

4 thg 2

Ghi chú

the last candle is like a liquidity provider!

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