$2 Still Possible_ ADA Cardano in the Breakout! - Critical Levels Ahead!
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00:00Hello and welcome to another update video on ADA. ADA has performed quite well today, pushed to a new high.
00:07Not any significant upside, but still fairly good performance. We were briefly above the 90 cent level, up to 93 cents today.
00:17And now the price has retraced a little bit, but really only a little bit to 89 cents.
00:22And I mean, at the moment we are tracking a little bit of a pullback, but that is still within a larger uptrend.
00:29And I can tell you that as long as the market holds above the last swing low here that formed at 83.8 cents,
00:38the focus would still be on higher prices and the price could reach the area around 98 cents next.
00:45That's where the yellow line is located. So for now we're tracking a still unfolding uptrend.
00:51I mean, we could even maybe even draw a trend line here, a couple of trend lines that might support the price on the way up.
00:59Do we need any further upside? No, I mean, the price could retrace, but I, you know, without any break of a swing low,
01:07there is absolutely zero evidence that a top is in, right? So the uptrend remains intact.
01:13The uptrend continues and it feels a little bit like back in the day, 2021, 2022, when ADA got more than just one update a day.
01:21But that's what we're still tracking here for ADA. Again, Fibonacci support has been slightly adjusted,
01:28which means if we break below the trend lines and if we break below the previous swing low,
01:34which as I said, came in around, yeah, 83.7 cents, then the focus will shift to this support zone.
01:41Fibonacci support, right? Fibonacci support for a fourth wave pullback and we need to hold the 72.5 cent level to keep the overall uptrend intact.
01:53I can tell you that a break below that level would not be great. It would be a first sign of failure.
01:58I mean, so far the price is pretty much done what it needed to do in this uptrend.
02:02Price is broken above several resistances and is on track at the moment to reaching $1.70 plus.
02:11I talked about those targets in the previous video earlier today. It was quite a long video, so check it out if you're interested.
02:17But yeah, I just wanted to give you a brief update here in this video.
02:20So it's just the importance of the 72.5 cent level, but we're not even, you know, we haven't even broken below any of the previous swing lows.
02:28We haven't broken below the intraday low and it might be worth watching this kind of trend line here as well.
02:36To be fair, it might even be that the price is forming something like a price channel or wedge pattern here.
02:42As you can see there in green, so maybe we get that final push to round about $0.97, $0.98 and test the yellow trend line before we get any sort of decent retracement.
02:56Because at the moment, the market is still grinding higher, which is great and in line with expectations.
03:02But yeah, not much is going to happen until we break.
03:06I mean, really, if we break below 72.5 cents, then that is an indication, a big warning that the bulls are failing, okay?
03:15That can happen at any point, right?
03:17It's an altcoin, you know the routine.
03:20But as long as we're holding above it, yeah, focus can be on higher and we're monitoring the next resistance around $0.98.
03:27Above the $0.98 level, we've got this green line up there.
03:32It's a resistance line or breakout line around $1.18.
03:36So that level will become the next target once we clear that yellow trend line.
03:43So yeah, not much going on, but I want to give you another update because we are still in an active uptrend.
03:49We haven't broken it and this is the support zone to watch.
03:54Pretty good performance at the moment across the altcoin sector.
03:57The Bitcoin dominance is still going down, but just be aware of the relevant levels and parameters here.
04:04Yeah, so far still on track.
04:06So I hope you liked the update.
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