Hello all. Here is a quick scalping idea for my cardano traders.
Looking at ADA/USD "Cardano" on the daily timeframe, we see that cardano is sitting very close to the resistance line of the falling wedge pattern and right below the 50 day EMA.
If ADA breaks the resistance line, it sure will retest the $0.74 resistance which is 20% trade from the current price. So defenetly keep an eye on this line.
If ADA fails to break this resistance , the bearish scenario will be to retest the previous low at $0.38 which is 38% drop.
RSI: The daily stochastic rsi is oversold however, the 4 HR rsi and the weekly rsi's sit in overbought territory.
Thanks fro reading, and stay tuned. Enjoy!
Looking at ADA/USD "Cardano" on the daily timeframe, we see that cardano is sitting very close to the resistance line of the falling wedge pattern and right below the 50 day EMA.
If ADA breaks the resistance line, it sure will retest the $0.74 resistance which is 20% trade from the current price. So defenetly keep an eye on this line.
If ADA fails to break this resistance , the bearish scenario will be to retest the previous low at $0.38 which is 38% drop.
RSI: The daily stochastic rsi is oversold however, the 4 HR rsi and the weekly rsi's sit in overbought territory.
Thanks fro reading, and stay tuned. Enjoy!