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Cardano (ADA) Technical Analysis: ADA Gain $350 million in Market Cap after CoinBase Announcement
ADA is the top performer in the last 24 hours adding If we paste a simple Fibonacci retracement tool between ADA high lows then it’s obvious that bears have been on a rampage. Prices are down more than 90 percent. What’s more, at current prices, ADA is trending at the lower limit of its trade range at 12 cents.Notice that sellers did find rejection preventing further losses. The result is this this three week consolidation with clear support at 12 cents. Remember, if we see price breaking below 12 cents then it’s likely that ADA will collapse to ADA’s ATLs at 7.2 cents.Daily ChartCardano Daily Chart by Trading ViewRelative to June 28-29 double bar bullish reversal pattern and July 13 bullish engulfing pattern, we have a nice higher high after periods of consolidation. While our sell trigger has not been triggered-since there have been no close below 12 cents for a while now-aggressive traders can begin ramping longs and trade with CoinBase announcement. However, risk-on traders should better wait and buy after prices thrust above16 cents or July 2 highs. Buy targets are at 20 cents and later 40 cents.Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
Author: Dalmas Ngetich
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