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Chart of the Day – ADA – Daily chart
ADA hit an “all-time high” of $3.10 in September 2021. For six months after, the price had a “slow bleed” down to the $0.75 level in the middle of March this year.
Over the past two weeks, ADA has enjoyed a massive recovery, with prices currently trading at the resistance point of $1.20.
There has been a massive “cup and handle” formed since the 9th of February this year, which is very bullish for further upside if the $1.20 level can be broken; an estimate shows the measured height of the cup at $0.45. Adding that to the current price of $1.20 results in a target of $1.65.
If the $1.20 level is broken, resistance points are at $1.50, $1.75, $2.00, and the 0.618 Fibonacci retracements from September’s high and February’s low, sitting at $2.20.
There has been plenty of positive news for Cardano lately, and we expect to see a lot more bullish upside in the next couple of weeks.
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