Big Move Coming For ADA (Cardano)

21 Mar 2021

ADA has been retesting the critical $1.185 level for a while and as the triangle (signified by the while line) narrows, we can see that this downtrend will either sharply reverse or break down to the 0.618 fib. A breakout upwards would mean that buyers are back in control, and a sharp break could even bring us back up to the 0.236 fib, or the top of the supply zone at $1.31. However a break down would be unfavorable given all the bearish momentum we've already been seeing and could bring us down to $1.15, or possibly even back to $1. ADA may have a hard time breaking its all time highs because of the strong double top and aggressive sellers at that level as seen by the wicks, but my long term target remains at $5.