CARDANO Giving Mixed Signals! (Historic Breakout or Massive Roadblock)

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In this video, I delve into the potential short-term and long-term scenarios for Cardano (ADA), emphasizing the importance of technical chart analysis while acknowledging the unpredictable nature of the crypto market. I highlight a possible bullish breakout, contingent on ADA overcoming key resistance levels, and contrast this with a cautious outlook that considers a bearish head and shoulders pattern with a short-term target around 53 cents. Additionally, I introduce Coin Ledger, showcasing their crypto tax software and how it simplifies tax reporting for crypto investors. Throughout, I stress the speculative nature of crypto investments, the significance of the 20-week moving average as a support level, and the potential for market volatility. By analyzing past trends and current chart patterns, I aim to equip viewers with insights into ADA’s price movements, balancing optimism for a bull market with the reality of current resistance challenges.

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Intro 00:00
Weekly Cardano setup is big 00:30ADA price may be choppy for a while 1:30
Coinledger 3:00
ADA target of support on daily 5:20
Cardano bad case scenario 5:50
Cardano good case scenario 8:00
Massive bullish setup 11:15
Tracking this range short term 12:15

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We’re going to zoom in on Ada to charts today we’re going to look at the bad scenario we’re going to look at the good scenario in the short term but it all has to do with the long-term zoomed out story The Weekly chart here so everybody hit the Subscribe hit the like I

Appreciate you cruising through this cardano video Let’s just jump right into the video before we talk about the bad scenario and the good or the bad scenario here the good scenario here and what to anticipate and really what to look out for in the short term I do want

To start by just noting something as you know and this is this really gives us a sense of what I think we can anticipate even over the over the next month it might be choppy Waters we want that bull market we want the parabolic bull market

Right now we want Bitcoin to keep going right now y all know that I’m waiting for Bitcoin to break its own bull market doors hasn’t happened yet and I’m waiting for cardano Ada to do its to to do the same thing break its bullar Market doors I’m looking to see and and

I’m not quite sure if it will or not I’m not exactly sure how the algorith algorithms work but Lux algo they have this break of structure indicator that we see wi off in this very bullish environment last cycle at this time very similar technical move right here to the

Move that we’re seeing right now I’m waiting for this break of structure to go off but what I want to point out before we really dig into the charts is this and by the way everybody this is speculative right this there’s no guarantee that things are going to to

Pan out the same way but look what happened before the indicator even triggered right you see this is a weekly weekly chart we had this resistance candle which is the resistance right here that swing High then we have one two three four more weeks so basically

Five weeks of choppy sideways and what I want to make a note of is the 20we moving average you see the 20we moving average adaa really even in this week Wicked right down just above the 20we moving average at the time so if we go now and we analyze the current move

We’re only in the first week of of this area right so we here’s our first swing High Ada comes down and now we’re retesting That Swing High we’re in like our first second week right now it could be choppy right as Ada tries to break

This very key area up to around 65 cents or so and the 200 we moving average right up here around 69 cents so really key range of resistance the 20 we moving average around 46 cents so how volatile Ada is in even the next week two weeks 3

Weeks four weeks it could be quite volatile right and it could be choppy and it’s going to test a lot of people’s mentality I would say from where adaa is right now the 20we moving average is around 18% away now as adaa trade sideways if it trades sideways the 20we

Will slowly pull into Ada and that will get closer now we’re going to dig into the charts and talk about well what what could compel Ada to move down on the short term or actually finally break out to the upside before we dive into these

Charts and look at the Bad and the good on the short term shout out to the sponsor today I want to show you something really awesome in terms of Co coin Ledger today’s sponsor crypto taxes done in minutes you all know you’ve been hearing about them on this channel a lot

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And everything and this is a demo account but you can see in the demo account it just breaks down what you have back here your portfolio is worked in it’s baked in to the system and you can click for instance Bitcoin you can click eth whatever it is is and you can

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And you can see all of your tax activity in one spot and get a sense of your portfolio all in one spot nfts on here it’s pretty powerful so hit the hit the link below everybody sign up with coin Ledger I say it all the time do your taxes and do them

Properly save a ton of time sa save a ton of money and I really appreciate coin Ledger for sponsoring this video and also congrats to the new roll out of their portfolio product it’s just phenomenal product um and just in general coin Ledger just love them guys so thanks coin Ledger again for

Sponsoring the video let’s cruise over to the Daily charts I just want to start I want to just point one thing out on the daily here’s our swing high back here you can see on the on the RSI overbought right is a nice higher high from this high right so higher high

Price higher high RSI but now this move that we have this kind of just swing High kind of a lower high but at a general resistance area look at the momentum right it’s just low so if there’s going to be some cooling off for Ada it makes sense right now and so in

Terms of that and let me point out the 50 50-day moving average around 53 cents that’s important the 20 days around 56 cents if we go let’s start with the bad let’s start with the bad scenario and this is really zoomed in and then we’ll look at the good scenario the bad

Scenario actually it’s not even bad it’s so zoomed in and it even plays into the good scenario the bad scenario is if you look at the chart on the short term and again there’s no guarantees it’s not like every single time this plays out exactly but you look at this chart

There’s a pretty clear Head and Shoulders playing out right there right with the neckline being tested maybe even broken right now as I’m doing the video and a Target to downside is around 53 cents so Ada right now could just be kind of fizzling out at this resistance General resistance

Area and when I say resistance I mean it it’s not only this range back here that AA saw resistance at but if if we look at swing High to swing low we have this Fibonacci range as well we we’ve discussed in the previous video adaa clearly saw resistance here failed to

Break out failed to get any separation out of that range to the upside and that’s partly why if you go to the daily chart you really see momentum fizzled out the the Bulls were not stepping into play to break the resistance that you see in that in that rectangle and so

From a pattern perspective there’s a head and shoulders setup so it’s just a shortterm warning I would say that ADA could keep falling right now right another 10% or so to the downside total to the downside from the swing high and this is where the volatility comes in

This is this is kind of nothing this is 17% to the downside this is just what happens in bullish environments as well right even if a is going to go higher so that’s what that looks like on the the very short term potential Target of 53 cents

In play just want to be realistic about it now if Ada continues just to range here and then maybe make its way back into this Fibonacci Zone it’ be interesting to see if Ada can make a breakout above the 60 63 Cent area but that’s that’s kind of not a piece of

This analysis just yet because if we go to the good speculative chart here’s what I’m watching so obviously we have this General range it’s this range of resistance we’re looking to break it really plays into if we go to the weekly chart what we’re looking to happen right

To break this entire channel to the upside hopefully get some awesome indicator go off aable Market doors we’ve already established this could take weeks this could take a month but if we go back to this chart that’s the bad Target to a downside 53 let’s say that happened from where we are right

Now in the next day two days whatever it just keeps going down right at that moment we’ll be looking for some type of support here and let’s say it happened and we got a bounce at that moment we’d be watching for this which which I see

Very clearly on the chart is a potential inverse Head and Shoulders uh setup which if you look at the chart it’s you know it’s we don’t have a right shoulder yet but you can actually see um I if if we hit that Target to the downside that

Bad Target that we looked at and we kind of Hit the 50-day moving average for instance around 53 cents you can see how if adaa bounces there and we enter another short-term bullish environment we very well could just start testing this neckline and breakout Target out of this pattern is is around

8990 to the upside this could be the continuation that we’re waiting for for Ada that could be the moment now how we consolidate right now how we even get a speculative right shoulder who knows I don’t know if it takes five days I don’t know if this would take and draw out to

Mid-February before we get the set up I don’t know what’s going to happen this is speculative but it gives you an idea and it really helps visualize where support areas are where target areas are and what could happen from there but notice and remember if we Zoom all the

Way out on the chart and let me actually it’s probably better probably see it a lot better if I just go to the weekly we Zoom all the way out on the weekly we just talked about a short-term Target 8990 right on that inverse Head and Shoulder speculative setup well we

Still have the target out of this descending triangle breakout that we had in November of 2023 the target there is around 85 cents so that could play into the story for adaa to continue to that area but again this whole thing that we’re talking about and speculating about on this chart it could

Happen just over the course of a whole month right and it could happen in a week it could happen very quickly but I think what I’m trying to say at the end of the day besides speculating on on targets if they’re going to be hit or

Not is this if we look at history and what history tells us we’re prehab things are very bullish but it would be of no surprise if we range and consolidate right here where Ada is all the way down to really the the the 20we moving average which currently is around

47 cents that would be very normal and I think that’s probably the most important thing that I could say that I’m tracking right now uh in in cardano land and so we’ll see we’ll see what happens everybody and check this out too just look at this chart left

Shoulder almost ahead but you see what I’m saying like left shoulder I’m sorry right here boom almost ahead not a perfect neckline then we have a right shoulder so even there you see this bullish macro shift from bare Market to bull market we’ve been tracking the descending triangle but I also see that

Right now as I’m just doing this video breakout Target even even higher than the descending triangle look at this we’re looking at like A180 to the upside I’m just seeing this as I’m doing this video $180 maybe that’s for another macro video but everybody let me know your

Thoughts in the comments below I appreciate you again range in play next few weeks month but on the short term at least we have something to track will Ada fall to its 53 Cent Target or can Ada break this Fibonacci range of resistance that it’s really at

Right now like 59 up to around 63 cents that’s what I’ll be tracking I appreciate all of you watching hit the Subscribe hit the like I’ll see you in the next video God bless