ADA - Gearing Up for a Breakout?
2024-12-23
Category: None

After an impressive rebound from the trend-based Fibonacci extension 1:1 at $0.7655, ADA has been consolidating between $0.92 and $0.85 for the past two days. As the new week begins, today's wOpen at $0.8834 is a critical support level, perfectly aligning with the key level at $0.8806. Holding above these levels reinforces a bullish outlook.

 Key Insights and Trade Setups: 

Support Zones to Watch:
 
 $0.8834 (wOpen) and $0.8806 (Key Level).
 
 
 Maintaining above these levels keeps the bullish structure intact.
 

Long Setup Options:
 
 A great long opportunity was from today’s wOpen ($0.8834).
 
 
 Alternatively, wait for a retracement to the golden pocket at $0.8877 of this current wave.
 
 
 R:R: 2.5, a solid potential reward for the risk taken.
 

Target for Long Trades:
 
 Aim for the Fibonacci 0.618 level at $0.9448, which aligns with the daily resistance level.
 
 
 This zone also represents a high-liquidity area where short sellers may be forced to exit positions.
 

Pattern Confirmation:
The potential formation of an Adam and Eve pattern strengthens the bullish case. Confirmation comes above $0.9155, suggesting further upside.
