CARDANO Historic Cup & Handle Slowly starting the new BullCycle? FOR CRYPTO: ADAUSD By TradingShot – Technische Analyze – 2023-01-14 21:16:54

Cardano (ADAUSD) A good start to the year as the price is about to reach the 3D MA50 (blue trend line). This is a level that hasn’t been broken since November 15, 2021, basically for almost the entire bear cycle. When you realize that an eruption on top of it will be a huge explosion rising develop for Cardano . It was one such outage on January 7, 2019 that effectively confirmed the start of the previous bull cycle.

at the same time you have RSI It broke above the trend line of the lower highs, which is exactly what happened this week. As you can see, based on January 2019 fractal One RSI A pullback now could mean a loss of short-term strength for ADA but when a full 3D candle closed above the MA50, the price broke out towards the 3D MA200 ( orange trend line). Its target was 0.382 Fibonacci, and this is what we will target (0.6400), in case the candle closes above SMA 50.

This time around, however, the ADA has another strong pattern to support the idea of ​​a new bull cycle and it’s historic Cup and handle (C&H) pattern that has been trading since January 2018. As you can see, the current Bear cycle (inside a down channel) can only be seen as nothing more than a cup handle. Technically, the target for such patterns is very high, which is unrealistic based on market cap, but owners can finally start to believe a little more in the new all-time highs of ADA. Now take a quarter step at a time and use a 0.382 Fib and a 3D MA200.

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