Technical analysis by Ivory_Wolf about Symbol ADA: Buy recommendation (10/22/2023)

As noted in the latest video update released yesterday (22-Oct Australian time; detailed commentary available in the signature below), Cardano (ADAUSD) represents a potential bullish opportunity should momentum continue and newer highs be made past the current position. Depending on risk tolerance, stop loss for the trade would be the low of the channel on 11-Sep (i.e.: below the low of $0.2368) or below the rising moving averages (i.e.: below the 10 day moving average, which is currently sitting at $0.2503).Trade active: Unit price appears to be looking to test to area of resistance of $0.2968 represented by the open of 24th January 2023 (Australian time), in the first instance. Look for $0.3042 from the open of 22nd November 2022 in the near term after that if that level is successfully surpassed.Trade active: Further update provided in the latest weekly video update - main motto of the story is to be aware of the resistances above and observe market reactionTrade active: Now that the prior resistance of $0.3042 from the open of 22nd November 2022 has been surpassed, the next resistance that appears to be of note is $0.3401 (which is a prior support from the open of 21st October 2022). Also note that another resistance area has been passed in today's sudden move since the last update - $0.3178 (a prior support level from the open of 10th November 2022) - keep an eye on how the market keeps reacting to this too.Trade active: As a side note, caution definitely needs to be expressed with parabolic moves such as this, considering we are not seeing Bitcoin making higher moves at this stage whilst Cardano is making more and more moves to the upside. Now that the prior resistance of $0.3401 from the open of 21st October 2022 has been surpassed, the next resistance that appears to be of note is $0.3726 (which is a prior support from the open of 18th October 2022). Also note that another resistance area has been passed in today's sudden move since the last update - $0.3587 (a prior support level from the open of 25th January 2023) - keep an eye on how the market keeps reacting to this too (especially considering July's move had trouble surpassing it).Trade active: Sideways consolidatory action over the past nearly month. The next resistance that appears to be of note is $0.4031 (which is a prior support from the open of 27th October 2022). Of interest, this has only been solidly tested once over the past month, on 16th November. A couple of other tests have come close, but have not breached the $0.40 area. Observe the DMI and RSI as further advances towards the resistance area occur - do they rise?Trade active: Another strong month for Cardano with further price appreciation having occurred - as per recent weekly video updates, be aware of the upper resistance area that has developed over the month which has been tested numerous times at $0.6404 and is now showing incredible strength after five failed attempts to break through (09-Dec; 13/14/15-Dec; 22-Dec; 28-Dec; 02-Jan). Unit price is now consolidating beneath prior support of $0.5703 alongside declining momentum (reducing DMI and RSI), whilst approaching the buyer/seller level of interest represented by the top of green box (see graph above and weekly video for updated description), so caution is warranted, especially if the green box is penetrated by the unit price without buying support or an upswing in momentum indicators.Comment: As noted in the latest weekly video update for the week ended 12-Jan, a series of lower highs and lower lows has resulted on the daily chart, leading to a precarious position for Cardano. Should lower lows continue to print on the chart, the green zone level of support of $0.4947 be lost (observe market reaction here), and no further challenge of the buyer's level of interest at $0.5718 occur, then this bullish momentum would be considered complete and over at a decent profit (consider taking initial investment out of trade, at very least, or entire investment for total profit, as suggestion). Obviously not financial advice - see disclaimer in video series below for further details of the trade suggested. Coverage will now cease for this particular trade.