Following the previous idea on Cardano, price has started to move up as expected. But how far can it get? Where are resistance levels?
After ADA/USD found the support at $0.17 and rejected the uptrend trendline, price should continue rising. Nevertheless, the consolidation could potentially take place where ADA will get back to the uptrend trendline.
On the other hand, the uptrend could start much sooner, resulting in the growth towards one of the Fibonacci retracement levels applied to the recent corrective wave down. First resistance is at 161.8% fibs, that is $0.53. Second target is at 261.8% Fibs, that is the key resistance level located at $0.75 area.
Break and close above $0.76 should confirm strong uptrend, while rejection is likely to trigger a correctional move down.
After ADA/USD found the support at $0.17 and rejected the uptrend trendline, price should continue rising. Nevertheless, the consolidation could potentially take place where ADA will get back to the uptrend trendline.
On the other hand, the uptrend could start much sooner, resulting in the growth towards one of the Fibonacci retracement levels applied to the recent corrective wave down. First resistance is at 161.8% fibs, that is $0.53. Second target is at 261.8% Fibs, that is the key resistance level located at $0.75 area.
Break and close above $0.76 should confirm strong uptrend, while rejection is likely to trigger a correctional move down.
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