Cardano (ADA) in Rising Wedge, Approaching Resistance
2024-11-15

hello guys.


Rising Wedge Pattern: Cardano is currently forming a rising wedge, a pattern that often suggests a potential bearish reversal after an uptrend.

Resistance Levels: Key resistance at 0.7021, where price may face selling pressure if approached.

Support Zones: Immediate support at the lower boundary of the wedge. A breakdown here could signal a pullback toward the lower range around 0.6039 or deeper, to the 0.5193 support level.

Potential Scenarios: If ADA breaks above resistance, it could attempt a further rally toward 0.7800. A rejection, however, may initiate a downside move within or below the wedge pattern.

Next Steps: Monitor the price action at key resistance and support levels for breakout or breakdown signals, with a focus on volume for confirmation.