The next target of buyers!



10/29/20220 min read

ADA recorded good price growth during the last week. Cardano's price reacted positively with high trading volume as it hit a good support area at the bottom of the short-term descending channel. I expected a positive reaction from this area. The price has grown up to the midline range of the channel, i.e., the resistance of $0.415-0.430, and after the collision, a negative reaction has been observed due to the bearishness of the overall trend. With the good growth recorded, Cardano's trend in the 4-hour time frame is bullish due to the formation of higher ceilings and floors. Also, the support of the previous ceiling range at the price of $0.38 has prevented the price from falling further.

The point is that due to the strong reaction seen in the first encounter with the $0.415 resistance, there is a possibility that the price will enter a range trend for Cardano. This trend can continue between the specified levels, and in general, as long as the support is held, the resistance is more likely to be broken. If the resistance is broken, the next target for buyers will be in the range of $0.46 to $0.47. This target is near the ceiling of the descending channel, and a stronger reaction can be expected from it.

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