- Cardano price converts into a bull market on its Point and Figure chart.
- Price action charts lead time-based charts, giving significant leading advantages to price action traders.
- Substantial rise towards the $2.00 value area up ahead.
Cardano price recently broke out above the bear-market angle on its $0.02/3-box reversal Point and Figure chart. That move has resulted in Cardano converting to a bull market.
Cardano price shows bulls now in control, but many participants are still waiting for confirmation
Cardano price action has shifted into a condition that can significantly advantage traders utilizing a price action chart versus a time-based chart like Japanese candlesticks. For example, on the $0.02/3-box reversal Point and Figure chart, Cardano recently converted into a bull market by breaking the prior bear market trend line (red diagonal line).
Traders who use Japanese candlestick charts exclusively are likely to enter their long trades on Cardano price too early and near the top of a swing. In Point and Figure Analysis, a pullback after converting from a bull market to a bear market (and vice versa) is often immediate. A theoretical trade setup can now occur knowing that the pullback is likely.
ADA/USD $0.02/3-box Reversal Point and Figure Chart
The theoretical long trade for Cardano price is a buy limit order between $1.32 and $1.26, a stop loss at $1.18, and a profit target at $2.00. This trade is between a 4.86:1 and 9.25:1 reward for the risk depending on the entry. A three-box trailing stop would help protect against any implied profit post entry.
The trade is invalidated if Cardano has a close at or below the $1.18 value area. In that scenario, the $1.00 level becomes tenuous and could fail. Cardano could reach as low as $0.40 in that scenario.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls
Bitcoin (BTC) slightly recovered to around $68,800 on Tuesday, following a shift in the United States presidential race that saw former President Donald Trump regain the lead, after US spot Bitcoin ETFs experienced an outflow of over $540 million on Monday.
Crypto markets brace for volatility in tight race between Trump and Harris
The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets.
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections
MAGA (TRUMP) trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.