Cardano Outlook (Nov/Dec)
Cardano (ADA) is holding key support at the $2 level. If ADA can hold this level for the next few weeks, we could see an upward move and break-out from the symmetrical triangle showcased in the TA. The pink upward sloping line is strong long-term support and should provide a "lift-off" platform when we meet it in the early weeks of Dec (6th-9th). Should we have a dip before, it will provide support at the $1.75 level.
*Note we could have a breakout before the first week of Dec. Traditionally these patterns breakout 70% of the way through the triangle.
There are some resistance zones to break (green lines) as we make the move to the upside, with the final target for this break-out move set just below the $4 mark. This breakout move could play out over Jan/Feb.
*Note this move will also depend on the movements of Bitcoin (BTC)
*Note we could have a breakout before the first week of Dec. Traditionally these patterns breakout 70% of the way through the triangle.
There are some resistance zones to break (green lines) as we make the move to the upside, with the final target for this break-out move set just below the $4 mark. This breakout move could play out over Jan/Feb.
*Note this move will also depend on the movements of Bitcoin (BTC)
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