✴️ Is Cardano Ready For A Correction? Next Target & More

16 нояб. 2023 г.

Corrections can develop at any major, and sometimes minor, resistance points.

Whenever a trading pair hits a new resistance level, the chances are there for a retrace to develop or even a full correction... What is the situation with Cardano now?

The 19th of October a minor higher low was hit for ADAUSDT which immediately turned into a massive bullish impulse. Since this date, prices have been moving straight up with only a few red days of rest in between.

Currently, a new high has been hit but ADA is now trading within a "resistance zone".
This was once a support level, when prices were dropping between April and May 2023.
Once support, now it will work as resistance on the way up.

So at this point we can see a minor stop, maybe some fluctuations before moving higher but this is only a guess. We can have some sideways before the next high, just as we had some sideways a few months back before support broke.

Instead of guessing, we can prepare to take action based on what happens.

Since we have a bullish bias, bullish trend and bullish signals, we expect higher prices.

➖ As long as ADAUSDT trades above EMA10 (0.368), chances are high of a follow through.
➖ If prices drop and close below EMA50, the bullish bias weakens.

We can sit back, relax, watch and let the market do its thing.
Cardano is set to continue higher but the market in the close short-term can always be mixed.

Namaste.