Alright team, let's break down this juicy ADA/USDT chart on the weekly timeframe and see what's cooking for Cardano!
- Core Analysis: Cardano (ADA) on the 1W chart is looking incredibly strong. We've seen price respecting a critical ascending support zone after a significant retrace. The strong horizontal support at $0.5051 has held firm, indicating robust demand. Currently, ADA is trading around $0.89, positioned well above this crucial support, setting the stage for a potential bullish move.
- Action Plan: My game plan involves looking for entries around current levels (approx. $0.89) for a long-term play. The clear target, as marked on the chart, is the previous all-time high zone at $3.1505. For risk management, a stop-loss could be placed if the price decisively breaks below the horizontal support at $0.5051, keeping in mind this is a weekly chart, so patience is key.
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