Cardano ADA Bullish wedge or down trend channel

As all the alts have been doing past weeks, getting dumped big time towards levels from before the pump a month ago. It looks like ADA has reached a legit support zone as we can see on the left. The shape we have been moving in the past week also looks like a wedge. Not really fond of it's shape, but the volume picture is at least one of a wedge. With a wedge, normally we don't want to see it reach the max of wedge, meaning the point of the pattern, but rather see it break up around 75% of it. Which we are at now. So far it's moving up a little bit, but usually when a move up starts to break out, should be a big faster.

Anyway, if that wedge breaks, a volume increase is very important. If we don't see that happen, it will probably not be able to break up above those 2 red resistance zones. I think if the break up doesn't happen withing the next 24 hours, it will become more likely to see it fail.

So if we do see a good volume breakout up, than we should be able to reach the 0.08ish.



Previous analysis:

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It pierced through the first resistance which is good. Got some rejection now which is not great but not anything to be worried about yet. A pull back should not get below the green supports. If we can see the blue resistance break, chances increase for a move to the red zone around 0.08

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