Cardano (ADA) Analysis: Trading Insights 10% beneficiary to puss.coin
First look at the price of Ada/USDT
Today we examine the price action of Cardano (ADA). This analysis is based on different time frames and highlights some key zones. We have to see how the price will react and when to enter. You will benefit from trading only if you work patiently and follow the entry criteria.
1-Hour Time Frame
This image shows a 1-hour time frame chart where a strong demand zone has been identified at 0.3400. This is the point where we expect the price to react. It is important to include this zone in the trading strategy as the price can take support from there and move up.
Daily Time Frame
On the daily time frame we see that there is a supply zone at 0.3800 while the demand zone is at 0.3200. This means that if the price moves up, it can face a resistance in the 0.3800 zone. If it moves down, it is likely to find support in the 0.3200 zone.
4-Hour Time Frame
We are also seeing a consolidation phase on the 4-hour chart. Price is trading within a range and the 0.3700 zone is acting as resistance while the 0.3300 zone is acting as support. This range could be a good opportunity for traders where short-term entries can be taken but be sure to wait for confirmation.
15-Minute Time Frame
There is a descending trendline present in the 15-minute time frame which the price has respected several times. This could be a sign that the price is in consolidation and perhaps new positions are being built. As long as this trendline is not broken, we should wait for confirmation before taking a trade.
30-Minute Time Frame
The price has formed a bullish triangle pattern in the 30-minute chart. This can be a potential breakout signal but remember that if the price fails at 0.3560 then there is a possibility of a pullback. One should act patiently at this point and take entry only when the breakout is confirmed.
Conclusion and Strategy
The real purpose of trading is to make an entry only when confirmation is obtained from the price action. We should keep an eye on the 15-minute trendline and 1-hour demand zone. If the price reacts downwards and respects the demand zone, this could be a potential buy signal. If the price moves up and breaks out of the trendline, this could be an entry signal but be sure to watch trading volume and momentum.
The biggest part of our strategy is patience. Remember that impulsive decisions never work in trading.
Keep your trading safe!
https://x.com/ShyraNet_/status/1852963709758677177
Note:- X promotion missing.
Regards,
@theentertainer
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