Cardano (ADA) Can Hit $0.20 Within Next Few Days

By moon333 | moon333 | 6 Dec 2020


 

Previously we have seen, on weekly chart, the priceline was at the support of an up trend line and now finally it has spiked from $0.10 to $0.18.

7wnDmroz_big.png

Click here to visit this old article on tradingview

 

Up channel on long term chart:

Now on the weekly chart, the priceline has started its move in an up channel. At the moment it is at the resistance of this channel. There is also 25 simple moving average support above the support of channel and 50 SMA is also moving up to the support.

T1cbTJ1q

 

Click here to create an account on Binance, the best place to buy or sell ADA

 

Wedge formation and a possible move to $0.20:

On 4 hour chart, the price action is moving in a wedge and rejected by the resistance. In case of breakout the price action of Cardano can reach at $0.20.

zeppFEI6

 

Down channel:

The priceline has also formed a down channel within the above wedge pattern. There is also 100 SMA at the support of this channel.

j3w11YhF

 

Harmonic Shark formation:

On 2 hour chart, the priceline is also forming a bullish Shark. Now the potential reversal zone of this harmonic move starts from $0.1479 and ends up to $0.1440. This is the same level where we have the supports of wedge and channel on 4 hour chart.

Zao5HJ4h

 

Conclusion:

There is a strong possibility that the priceline will retest the supports of wedge and channel on 4-hour chart and then move up for breakout to hit $0.20 very soon. But if the price action of ADA will break down these supports then it may re-test the support of an up channel on weekly chart that is at $0.10.

 

 

Tronchain is the highest paying, secured decentralized platform click below link to join

 

 1604754461-57751.png

Note: the above external link will take you to the tronchain's page, Tron wallet or Tronlink wallet is required

How do you rate this article?


57

0

moon333
moon333

Hi, My name is Atif Akbar and I am a trader and trading charts author


moon333
moon333

Hi my name is Atif Akbar and i am trading charts author of different assets like crypto, forex, commodities, CFDs Stocks e.t.c.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.