ADA Daily Chart Analysis - Long Target $0.62, Short Target $0.26

NOT FINANCIAL ADVICE

TL;DR Bear Pennant / symmetrical triangle, No Trade Zone, wait for breakout. Long target is $0.62, short target is $0.26

• ADAUSDT has been trading in a symmetrical triangle (potential Bear Pennant) since April 13th. For me it's a No Trade Zone now, a breakout is needed to determine the direction of the next trend
  
• Fairly respected fibonacci retracement levels highlight potential areas of interest
  
• Disclaimer: The targets will change if a breakout does not happen soon, as they need to be measured starting from the breakout point
  

🟢 Bull Case

• The target of a breakout from the resistance trendline 🟠 is $0.62, which is also where the breakout that led to the last leg down happened
  
• Watch $0.58 (0.718 fib) as it is a previous key area and a High Volume Node which could offer some resistance
  

🔴 Bear Case

• The Pennant target for a break below the support trendline 🔵 is $0.26, which is a previous key area and inverted 1.618 fib of the last leg down