$ADAUSD - Cardano is targetting 0.1247

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Hi guys! 👋🏻

🔔 While Cardano is working on it’s complete transition to DeFi, ADA/USD made a significant breakout. Yesterday cardano was trapped between two Moving Averages, MA100 and MA200, today it’s traded at $0.10800, above MA100.


🔔 ADA/USD is still in a correction phase and deeper downtrends may continue, especially when Bitcoin dominance rises higher. However, before that occurs I’m expecting an uptrend towards $0.12259 - $0.12478, where it will meet important resistances and Fibonacci 0.618 level of the last drop.


🔔 There is a strong resistance at $0.10830, above which there is another area of resistance at $0.11307 and a monthly high - $0.11383. If Cardano closes above the 0.10830 I don’t think the monthly high will be able to stop it from another jump.

🔔 The MACD indicator on both daily and 4-hour chart reflects bullishness of ADA/USD, Moving Averages on both timeframes show a great support of the uptrend, however one should also consider levels of supports and resistances and do not trade with a blind trust to indicators but use them as an auxiliary confirmation tool.

✊🏻 Good luck with your trades! ✊🏻
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