Cardano (ADA): Bullish Channel Formation with Upside Potential
2025-02-16
Category: None

hello guys!

 Key Observations:
 Strong Impulse Move:
ADA recently experienced a sharp rally, breaking through resistance levels and establishing a new range.

 Fake RSI Divergence:
 A deceptive bearish RSI divergence was invalidated as the price continued its uptrend, confirming bullish momentum.

 Support Holding at Lower Channel:
 The price is currently consolidating near the lower boundary of the parallel channel, suggesting a potential bounce.

 Next Target:
 If the price respects the channel structure, ADA could aim for the 0.90 - 0.94 USD range as the next resistance.
 
Conclusion:
As long as the lower trendline holds, ADA remains bullish with a high probability of an upward breakout. However, traders should monitor the channel support for potential invalidation. 📈🔥