ADA Path to a Bullish Breakout
Symmetrical triangle formation near the top of the current movement suggests potential consolidation before a bullish breakout. The initial target is set at the psychological level of 1.29737 EUR (Fibonacci level 1), with the possibility of extending toward the Fibonacci 1.618 level at 1.46728 EUR if the breakout is strong enough.
The use of the Tunnels and the Mega Trend All-in-1 indicators helps identify key rebound zones within the green tunnel and above the 20 EMA and 50 SMA. The chart aligns fully with a potential strong bullish trend, as indicated by the formation and order of the yellow, blue, and red tunnels. Additionally, the dotted green line (34 EMA) remains in an uptrend, providing an additional confirmation signal for a potential bullish breakout of significant magnitude
The use of the Tunnels and the Mega Trend All-in-1 indicators helps identify key rebound zones within the green tunnel and above the 20 EMA and 50 SMA. The chart aligns fully with a potential strong bullish trend, as indicated by the formation and order of the yellow, blue, and red tunnels. Additionally, the dotted green line (34 EMA) remains in an uptrend, providing an additional confirmation signal for a potential bullish breakout of significant magnitude
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The initial symmetrical triangle pattern transitioned into a Cypher pattern, yet the chart remains aligned with this new formation. The updated target zone remains at 1.29737 EUR, consistent with Fibonacci Level 1, with potential for further movement toward 1.46728 EUR (Fibonacci 1.618) if momentum continues to build.
The Tunnels System and Mega Trend All-in-1 indicators remain pivotal, highlighting critical rebound zones within the green tunnel and maintaining positions above the 20 EMA and 50 SMA. The updated Cypher pattern still confirms the continuation of a bullish trend, with the yellow, blue, and red tunnels remaining in sequence and aligned for upward momentum. Furthermore, the dotted green line (34 EMA) continues its uptrend, reinforcing the likelihood of a strong breakout toward the predicted targets.
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Although I believe this bull run will be very beneficial for ADA, we must discard this analysis and reassess the new market conditions, as BTC has dropped, nearly touching 90K and dragging all altcoins down with it. Today, BTC.D has risen to 61.93%, while Total3 has fallen to 843.97B.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.