3 min readCARDANO (ADA/USD):
The price has maintained an impressive rally, holding steady above $1.00. From a technical perspective, we are now encountering a resistance zone on the weekly time frame.
A closer examination of the technicals reveals several key areas of interest that could serve as potential rebalancing zones before the price resumes its upward trajectory. The internal resistance area recently broken may now act as support, particularly if the price retraces below the 50% level on the Fibonacci tool. Additionally, the RSI indicator suggests that the price is overbought in the short term.
Author
Risk Disclaimer Disclaimer: The information provided does not constitute, in any way, a solicitation or inducement to buy or sell any of our products.
Any material presented under this section of our website is not intended and should not be considered investment research or investment advice. Any Comments and analysis reflect the views of different external and internal analysts at any given time and are subject to change at any time. The recipient acknowledges that he/she is solely responsible for any trading decisions taken.
Risk warning: Our products are complex financial instruments which come with a high risk of losing money rapidly due to leverage. These products are not suitable for all investors. You should consider whether you understand how leveraged products work and whether you can afford to take the inherently high risk of losing your money. If you do not understand the risks involved, or if you have any questions regarding our products, you should seek independent financial and/or legal advice if necessary. Past performance of a financial product does not prejudge in any way their future performance.
