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Cardano (ADA/USD) is ready for a Breakout ! Here’s the Target:

Cardano rides a powerful and well defined Bullish pattern since mid December, the overall technical setup looks really strong at this point.

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Cardano rides a powerful and well defined  Bullish pattern since mid December, it’s been consolidating for a while and lost a bit of pace compared with ETH and others, but the overall technical setup looks really strong at this point.  

Cardano (ADA/USD) Binance – Annotated Technical Chart with Reference Zones and Target

The Main resistance is around $0.10 and the projected target of a breakout sets at $0.175 using semi-log scale and a classic range projection. Short term support near $0.075 (using the ascending  trendline , already with several contacts which reinforces it’s strength), a few other references on the downside but the main mid-term  support level sits at $0.057 and only then the Bull case can be put at risk. 

The recent triangulation makes me think that a breakout is about to happen…  

Strategy:
– Given the proximity of the support, the current price range below $0.10 looks like a great entry point for long positions in anticipation of an upside breakout, the risk/reward ration pays off, given the midterm target of $0.175 in case of breakout. 
– Short term trading should keep the  support/resistance levels in mind, but I wouldn’t risk not having Cardano on my pocket. 
– Anyone already holding Cardano shouldn’t have reasons to be worried while the  ascending channel is preserved, even if in a negative scenario there’s still room on the downside to keep the  bullish case untouched.

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