ADAUSDT → A reversal set-up. Readiness for realization

9 нояб. 2023 г.

ADAUSDT (Cardano) is breaking through the trend resistance. The cryptocurrency market is actually entering a bullish phase, which is confirmed by the situation with BTCUSD and TOTAL . Let's see



A huge lever of bullish influence on the market was the active growth of BTCUSD on the background of ongoing disputes and court proceedings related to the SEC and the consideration of BTC-ETF. Yesterday we got the news:
SEC has begun talks with Grayscale about a spot BTC-ETF. SEC's 8-day window to approve all 12 spot BTC-ETFs opens today. In fact, formally, SEC is obliged to review the application with a positive outcome

Regarding Cardano: The bottom in the market was formed in June, followed by a consolidation phase. The realization of consolidation began in late October, a bit later than the altcoin market started to revive. At the moment, the price is breaking the trend resistance in the area of 0.3490 on the background of the rally and forming a consolidation above this area. Clearly we see a bullish potential. A break of the resistance at 0.3675 will form a continuation of the momentum, which will be a confirmation of the bullish trend. The moving averages support the bulls.

Support levels: 0.3490, previously broken resistance.
Resistance levels: 0.3675

A global reversal formation is forming at 0.3675 resistance, with the market bottom as its peak and 0.3675 resistance as its base. If this area is broken through, global realization will begin. Targets are indicated on the chart.

Regards R. Linda!