CARDANO (ADA/USDT) : Close to upside confirmation level at 1,30

Cardano is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators and visionaries” to bring about positive global change.
To learn more about this project, check out our deep dive of Cardano .

Context :

ADA ( Cardano ) was one of the Top gainer of the blockchain POS protocol in 2020 with solid upside trend on going between March 2020 and May 2021 before developing a non regular Flat pattern between May 2021 and Feb 2022 (Blue rectangle ). The current graphical situation is leaning towards a further trading range with an upside swing towards the former top or a start of a significant wave III (Follower for 2022) as many other Protocol Layer 1 Token. On current level ADA didn’t confirm any presignal for a direct bullish acceleration from EMA and Fibonacci key level, only RSI is evolving in positive area.

Key Element to Watch (Mixed element on Daily Basis)

– RSI in positive area above 50% ( Bullish )
– 0,75 support (previous bottom of the range) is a key Fibonacci triangle ratio within complex range pattern calling for at least a test of 2,50 ( Bullish ) and also corresponding to standard fibo retracement from the previous upside trend ( Bullish )
– EMA are still resistance ( Bearish )
– Key fractal fibonacci level not surpassed at 1,30 ( bearish )

Key Level To Watch

– 2,50 (triangle ratio)
– 3,20 (auto-similar move – fractal )
– 3,87 (Wave III first target = 6400 ETH/USDT)
– 0,95 (Key support overlap + key auto similar ratio in 3h chart basis)

Tactical View 3 to 12 Weeks

Prefered scenario : As long as 0,95 remains support , add in dips especially if ADA is not able to surpassed directly 1,30 to anticipate the upside break out and play 2,50 before 3,20
Alternative case : Breaking 0,95 better to go away to other protocol token , risk of setback towards 0,52