ADA cryptocurrency has been trading in the consolidation range of $0.40-0.69 for more than 4 months.
The local minimum, which was set by traders in May 2022 near the $0.4 mark, remains unchanged.
During the next wave of the fall of the crypto market in June 2022, when most cryptocurrencies including Bitcoin updated their lows. ADA buyers were able to hold down the price.
And this is not surprising, because below $0.40 there is emptiness and room for a drop of at least -25-30%. We wrote about this in our previous ADA cryptocurrency forecast:
ADA cryptocurrency is a potential mid-term trade
A good potential mid-term trade within consolidation is now emerging.
Entry – $0.46
Stop – $0.3999
Take profit – $0.71-0.76
The profit/loss ratio – 4.5/1
It would be ideal if ADA cryptocurrency buyers were able to break through the black uptrend and break the feet of the shorts hiding above $0.69
Our global goal for the Cardano token price growth is around $1 per ADA.
But about this in our next forecasts.