Positive Outlook on Cardano ADA future

Positive Outlook on Cardano ADA future

Cardano, one of the top cryptocurrencies, is on the rise. Until recently, it was suffering from the bearish trend like other cryptocurrencies was, but the market seems to be stabilizing. Should we expect any sort of rally? Some trading view users have a positive answer. "Positive Outlook on Cardano ADA future"

Positive Outlook on Cardano ADA future

Let’s review a few forecasts for Cardano.

Cardano should hold above the $0.042 level

Cardano’s recent fall caused panic in the crypto community - people started dreading another bearish wave. However, ADA doesn’t seem to be falling further just yet. The user nicknamed Coinkilavuz has analyzed Cardano’s behavior and said that it should hold above $0.042 to reach $0.049 again. Let’s hope this forecast is true.

Cardano targets $0.08300

User TradingShot bases his forecast on Fibonacci levels. Good news: there’s a strong bullish signal! If we check out all-time highs, ADA/USD was rejected on the 0.236 Fibonacci retracements.

“Last time this level broke the uptrend has been sustained and no Lower Low has been made yet. This is a long term bullish signal.”
Thus, Cardano has to fill the 100% gap left after the last disastrous decline. When might it happen? Judging by the chart, we should wait for new ADA heights in May 2019.

Cardano is through ABC correction

User Stabb presents the Cardano price chart illustrating that ADA/USDT is making an ABC correction. That’s the same thing that’s being formed in BTC development. There’s a higher low for wave B, which is a good sign. So, what’s next? ADA should start growing again. According to the chart, it might reach the $0.06 level by the end of March - even faster than other charts show. Right now, traders have to stay patient.

ADA/BTC is in an uptrend

If you want to invest some BTC in ADA, there’s a golden chance to do so. According to ForecastCity’s technical analysis, the Cardano/Bitcoin pair is about to enter the uptrend. The price has been keeping the 21-Day WEMA, which acts as dynamic resistance. RSI index is 50.

This means there’s a possibility of ADA’s suggested support zone (0.00001090 to 0.00001000). In turn, traders can make orders based on Price Action and reach some short-term goals. Thus, the entry zone is from 0.00001090 to 0.00001000.

So when you see the price approaching the Buy Zone and forming some of the reversal patterns ("Bullish Engulfing", "Hammer" or "Valley"), it’s time to enter the game.

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