Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Cardano (ADA/USDT) analysis: a potential sell setup amidst major support breakdown By: Invezz January 04, 2024 at 09:15 AM EST ADA/USDT trading strategyBuy/sell asset: Sell ADA/USDTEntry price: 0.5907Stop loss: 0.6521Leverage: 1xTake profit 1: 0.5390Take profit 2: 0.4700Take profit 3: 0.3725Timeframe: 1-2 weeksMaximum profit: 36.%Maximum loss: 10%ADA/USDT chart and technical analysisCardano dropped 19% yesterday due to Bitcoin’s ETF denial report. The price of ADA/USDT dropped below the major support level of 0.5904 and broke the bullish trendline. The price is likely to drop further to 0.3725 support level.The 0.5904 support level will now act as a strong resistance level and the price broke the bullish trendline around the same price. I am considering the 0.5904 resistance level for sell entry and my target for this trade is the 0.3725 support level.Another confirmation for short entry around the same price is the 0.50 Fibonacci retracement level. The price is likely to make a correction after the drop and will retrace to the 0.5904 resistance level before the drop.Cardano fundamental analysisFundamentally, the recent 19% drop was mainly driven by a report claiming that the SEC “will reject” the spot Bitcoin ETF.If that happens the overall crypto market could drop further, however, if that’s untrue then the price is likely to follow the price action. Moreover, the NFP data will also be published in USD tomorrow which could also impact the price significantly.Cardano to Tether trade idea takeawaysThe price of ADA/USDT is likely to drop further after it dropped below the bullish trendline yesterday. The price is likely to drop to the 0.3725 support level in the coming daysMultiple take-profit levels have been added to secure profit along the way.The risk-to-reward ratio on this trade is 1:3.5.The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.Good luck!The post Cardano (ADA/USDT) analysis: a potential sell setup amidst major support breakdown appeared first on Invezz Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Cardano (ADA/USDT) analysis: a potential sell setup amidst major support breakdown By: Invezz January 04, 2024 at 09:15 AM EST ADA/USDT trading strategyBuy/sell asset: Sell ADA/USDTEntry price: 0.5907Stop loss: 0.6521Leverage: 1xTake profit 1: 0.5390Take profit 2: 0.4700Take profit 3: 0.3725Timeframe: 1-2 weeksMaximum profit: 36.%Maximum loss: 10%ADA/USDT chart and technical analysisCardano dropped 19% yesterday due to Bitcoin’s ETF denial report. The price of ADA/USDT dropped below the major support level of 0.5904 and broke the bullish trendline. The price is likely to drop further to 0.3725 support level.The 0.5904 support level will now act as a strong resistance level and the price broke the bullish trendline around the same price. I am considering the 0.5904 resistance level for sell entry and my target for this trade is the 0.3725 support level.Another confirmation for short entry around the same price is the 0.50 Fibonacci retracement level. The price is likely to make a correction after the drop and will retrace to the 0.5904 resistance level before the drop.Cardano fundamental analysisFundamentally, the recent 19% drop was mainly driven by a report claiming that the SEC “will reject” the spot Bitcoin ETF.If that happens the overall crypto market could drop further, however, if that’s untrue then the price is likely to follow the price action. Moreover, the NFP data will also be published in USD tomorrow which could also impact the price significantly.Cardano to Tether trade idea takeawaysThe price of ADA/USDT is likely to drop further after it dropped below the bullish trendline yesterday. The price is likely to drop to the 0.3725 support level in the coming daysMultiple take-profit levels have been added to secure profit along the way.The risk-to-reward ratio on this trade is 1:3.5.The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.Good luck!The post Cardano (ADA/USDT) analysis: a potential sell setup amidst major support breakdown appeared first on Invezz