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Cardano (ADA) Breakdown

Published 03/07/2021, 07:04 AM
Updated 03/07/2021, 07:31 AM
Cardano (ADA) Breakdown

In the above charts, we are looking at the Cardano cryptocurrency ADA/USD pair. We have a monthly, weekly, and daily chart and overall I am more bullish but we need more confirmations.

In the monthly chart to the left, the first thing I notice is how inevitable the pullback for March was going to be and the reason for this is the massive high and low range for the month of February. When you see a high range like this on any time frame it is likely we will see a pullback on the next candle and in this case, the next candle was the month of March.

On the weekly middle chart we see the support at 1.00 and the resistance at 1.30, it is very normal to have S&R at these whole numbers and especially that 1.00 price.

Over on the daily chart, we can see in this nice bullish rally the last couple of months how in each pullback we are putting in higher lows shown with the black arrows.

A strong breakout and close above 1.30 will set up for the potential next leg up on this bullish rally.

Of course, in case the price goes the other way we will need to hold 1.00 support, and then .90 will be the next level of importance for the price to hold.

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