In an analysis published on TradingView, pseudonymous crypto analyst Melika Trader has provided a technical forecast for Cardano (ADA), highlighting a long-term upside scenario with a price target of $1.8. Using chart patterns and key price levels, Melika offers both short and long-term perspectives on ADA’s price movement. Long-Term Cardano Price Outlook Melika identifies a significant support zone for ADA between $0.30 and $0.35. This range has historically shown strong buying interest, characterized by an engulfing candle pattern and previously established supply and demand (S&D) zones. This base formation suggests a robust floor where Cardano has consistently garnered market support. The analyst points out the potential for a bullish reversal, noting that ADA’s price action appears to be forming a bottom within this support zone. “The price seems to form a bottom after engulfing the support region, hinting at a potential bullish reversal,” Melika states. Looking ahead, Melika sets a long-term resistance target between $1.20 and $1.80. This target area is not arbitrary but is based on previous price peaks, making it a significant hurdle for future p ..
Support the originator by clicking the read the rest link below.
