ADA long term and short term perspective
2024-10-17

hello guys!

 -------long term perspective---------
 
 Long-term support zone:  Cardano has found support around the $0.30 - $0.35 level, with previous price action indicating strong demand in this area (engulfed area and old S&D zones).

 Bullish reversal potential:  The price seems to form a bottom after engulfing the support region, hinting at a potential bullish reversal.

 Long-term target:  The next major resistance is in the $1.20-$1.80 zone, marked as a long-term target, which aligns with previous highs.

 Upside path:  If the current support holds, ADA could be positioned for a sustained rally toward the long-term target, especially as buyers regain confidence.

 Bearish scenario:  A failure to hold support around $0.30 could see the price retesting to below $0.18.


 -------short term perspective---------
 


 Immediate Support Zone:  Cardano (ADA) is testing a strong support area between $0.33 - $0.34, which aligns with the lower trendline.

 Potential Bullish Rebound:  A bounce from this support zone could see ADA targeting the resistance zone at $0.38 - $0.39. The engulfed area suggests a possible reversal signal.

 Clear Resistance:  The $0.39 zone is a significant resistance where sellers previously controlled the market, making it a critical area to watch for any breakout.

 Downside Risk:  If support fails to hold, the next potential drop could bring prices lower toward $0.30.


