Cardano

altFINS

Dogecoin

Shiba Inu

<p>The crypto market has shown signs of recovery today following a broader downturn earlier this week. Cardano’s ADA token is up around 2% over the past 24 hours and is currently trading close to the $0.50 level. However, this is still down significantly from the 2023 yearly high of around $0.66 hit in mid-December.</p> 
<p>According to recent analysis by <a class="thirstylink" rel="nofollow" target="_blank" title="altFINS" href="https://captainaltcoin.com/go/altfins/" data-shortcode="true">altFINS</a>, ADA price action is currently consolidating within a Channel Down pattern. Within channel patterns, a breakout signals potential for a rapid move in the direction of the breakout – either to the upside or downside.</p> 
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<p><em>Source: </em><strong><a class="thirstylink" rel="nofollow" target="_blank" title="altFINS" href="https://captainaltcoin.com/go/altfins/" data-shortcode="true"><em>altFINS – Start using it today</em></a></strong></p> 
<p>In terms of key levels for ADA, altFINS highlights nearby support at $0.46 (the previous resistance level) and then at the psychological $0.40-$0.42 zone. On the upside, initial resistance is at the 2022 high around $0.65, followed by the $0.75 area.</p> 
<p>Regarding momentum, technical indicators are currently skewing bearish for ADA in the short-term. The MACD line is below the MACD signal line and the RSI is below 45. However, the broader trend remains neutral to bullish – with a downtrend only visible on short-timeframes, a neutral trend on medium-timeframes, and a continued long-term uptrend.</p>  
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<p>Given the current consolidation pattern and bearish momentum, additional downside may eventuate in the short-term towards support levels. However, the constructive long-term structure and recovery today indicates scope for a breakout above $0.65 resistance. </p> 
<p>This would open up further upside potential back towards the 2022/2023 highs. I will look to enter a long position on a confirmed breakout above $0.65 resistance. Initial target at $0.75, with stop loss placed below $0.42 as per altFINS recommendation.</p> 
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<p>The post <a href="https://captainaltcoin.com/ada-price-analysis-cardano-setting-up-for-a-move-after-range-trading/">ADA Price Analysis: Cardano Setting Up for a Move After Range Trading</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

ADA Price Analysis: Cardano Setting Up for a Move After Range Trading

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