Cardano
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BUY OPPORTUNITY

Instrument: ADA/USD
Entry Price: $0.941
Stop Loss (SL): $0.831
Take Profit (TP): $1.178
Risk-Reward Ratio: 1:2
Technical Analysis:
50 EMA Support: As price approaches the 50 Exponential Moving Average (EMA), it is expected to act as support. This suggests that ADA/USD may find support and bounce higher from this level, leading towards your TP.

Strong Supply Zone at $1.206: The price is below a significant supply zone around $1.206, which could act as resistance. This means there is a higher chance of ADA reaching your TP of $1.178 before encountering further resistance.

Fundamental Analysis:
Positive Address Profitability:

60.9% of ADA addresses are in profit (2.68 million addresses).
34.95% of addresses are in losses (1.54 million addresses).
This indicates a predominantly positive market sentiment, with the majority of addresses currently seeing gains, which could indicate bullish momentum for ADA in the near term.

ADA's 70% Drop from ATH: Despite the price being down by about 70% from its all-time high, the profitability of ADA addresses remains strong. This signals that investors holding ADA may continue to support the price at current levels, further reinforcing the bullish bias in the short term.
Chart PatternsTechnical IndicatorsTrend Analysis

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