CARDANO ADA PRICE PREDICTION TECHNICAL ANALYSIS NEWS TODAY 2023
You can see that we saw a very nice v-shape recovery and once again we are back above the 37 Cent resistance level using this level as support this is gonna be very crucial from the bullish case scenario if Cardano does manage to hold Above This level and we do see some volume come into the market
Keep a very close eye on the 39 resistance the the reason why this level of course is looking at previous price analyses this was a very strong resistance point before we saw that continuation to the downside and if the Bulls can somehow manage to break Above This level we could be looking for a much stronger short squeeze opportunity overall
Now from a bearish case scenario, you guys already know the fact that we would have to break about below 34 cents before we see that continuation
Looking at the daily time frame there are a few things that we have to keep in mind right now it seems like we are in a very tight consolidation zone between our exponential moving averages trying to break above that range so it's a little too early to say whether or not this is a false breakout or of course a stronger continuation but if you see on the daily time frame as of right now you can see the fact that yesterday we saw a very strong bearish engulfing showing the fact that the Bears were obviously in control with the green candle that we are seeing today we could easily see a false breakout on 37 cents grab that liquidity and then a stronger continuation
The reason why I'm saying this we saw the same formation happen before we were consolidating in between our exponential moving averages saw a very nice liquidity grab and then the major bearish engulfing while breaking the major support level and this is why I've been telling you guys to pay very close attention to the 34 Cent range you can see of course the fact that this consolidation after a major dump on Cardano isn't some bullish news long term it still means the fact that Cardone, of course, isn't a major major downtrend zooming out of the chart as well you can see there isn't any reason to be bullish in terms of the longer macro Market of course if the market does decide to break above this key resistance level here on the 44 levels only then we can switch over our bullish thesis but otherwise we are remaining bearish and only looking for shorts as of right now when I mentioned to you guys the fact that we are looking for a possible short squeeze over to the 39 Cent range
it usually means that if that level is tested we are looking for some massive shorting oppositions because this has happened so many times before we saw the same range retest and then the continuation to the downside but ladies and gentlemen if we somehow manage to break 34 be ready for those swing positions on Cardano the reason why is every time we end up losing that 34 support level we see a massive capitulation event which is what I'm paying very close attention to as of right now but that's pretty much all I have for you guys today as always if you do enjoy