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Home Cardano

Cardano (ADA) Breakdown By DailyCoin

admin by admin
March 8, 2021
in Cardano
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Cardano (ADA) Breakdown By DailyCoin
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Cardano (ADA) BreakdownCardano (ADA) Breakdown

In the above charts, we are looking at the cryptocurrency 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.

Continue reading on DailyCoin

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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