Summary
TLDR: Cardano’s price broke out from a long-term resistance area but failed to sustain the increase, returning to the area. The future trend will depend on whether the price validates the area as support or breaks down. While the RSI readings are bearish, the daily time frame wave count predicts an upward movement. If the count is correct, the ADA price could increase by 40% to $0.82. However, closing below $0.58 could deepen a short-term correction.
Key Points
1. Cardano’s (ADA) price broke out from a long-term horizontal resistance area but failed to sustain the increase and returned to the area again.
2. The ADA price action is still bullish, but the RSI readings are bearish, indicating potential downward movements.
3. The daily time frame wave count predicts that ADA is in the fifth and final wave of an upward movement, with a potential increase of 40% to reach the next resistance at $0.82.