Cardano (ADA) technical analysis

Currently, ADA is correcting in a downtrend channel; wave (4). Keep an eye for the channel's upper line break; if successful, a pullback will probably follow. Also, buying volume is crucial too, so don't forget to check.

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ADA still on its way down. The first support area is around 0.35 - 0.30

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ADA made a huge and timely correction. Now, the long downtrend line is broken and it seems ADA is on its way to making the next impulse wave. Let's see what happens.

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ADA broke the major downtrend line, made a double or triple bottom and then broke the minor downtrend line too.

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So, ADA went up and broke the minor horizontal resistance area, then made a pullback on it. Now, it seems ADA is ready for the next upward wave. Let's see what happens.

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So, ADA went up very well. It seems ADA is moving in an ascending direction. The previous upward wave couldn't break this channel's upper line, so, ADA went into correction. Most probably, the correction wave ends around the channel's middle line, where ADA has reacted to this line several times in the past. If not, the previously broken horizontal resistance area could come to the rescue and play as a support level. Let's see what happens.

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Analyzing an altcoin compared to BTC can show another aspect of that coin; as well as, other important supports and resistances. Here, ADA/BTC chart show an interesting pattern; ADA/BTC is moving in a big triangle pattern. And from the chart, it seems ADA hadn't risen so much compared to BTC. So it can be concluded that if ADA start the next upward phase, it has a lot of room for growth. First, let's see if ADA/BTC hold the triangle's bottom line and changes direction upwards.

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So, ADA came down to the horizontal resistance area to rest for a while. Have to wait and see if ADA goes further down to the channel's lower line or starts an upward wave from here. The first signal for ADA's uptrend movement is to break the channel's middle line upward. Let's see what happens.

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So, it seems ADA is moving in a somewhat inverted triangle pattern. Also, ADA made a harmonic pattern; just have to wait for ADA to break the right leg's downtrend line and get ready for the next upward wave. Let's see what happens.

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So, ADA finally broke the right leg's downtrend line, or in this case, the descending channel. ADA next target is the inverted flat triangle's upper line. Let's see what happens.

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So, ADA went up and wave 3 is almost finished. Let's see what happens.

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So, after wave 3 finished, the correction wave 4 started, and ADA went down. Wave 4 made a triple bottom, then ADA went up and broke the minor downtrend line. Let's see how high wave 5 can rise.

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