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Jonathan Morgan Jonathan Morgan
Independent Analyst

Cardano price action this week has had its best performance since August 2021. Unless something dramatic occurs, the weekly candlestick will swallow the bodies of the past eight weekly candlesticks. ADA is up over 45% from last week’s open and has been more than 50% higher. As a result, some profit-taking should be expected.
Cardano price action has performed remarkably this week, holding onto the majority of its gains and signaling that further bullish momentum for Cardano is likely. However, when ADA approached the top of the Ichimoku Cloud (Senkou Span B), it promptly sold off – almost exactly on Senkou span B.

ADA/USD Daily Ichimoku Kinko Hyo Chart
If bulls become nervous about their recent gains, Cardano price will likely experience some downside price action as traders take profits off the table. But the downside risks are probably limited to the $1 value area, which has become a very strong support level. The $1 value area now contains the 50% Fibonacci retracement, the Tenkan-Sen, and the Kijun-Sen. In addition, order books on various exchanges already see large limit buy orders placed between $0.98 and $1.05, anticipating a short-term pullback.
A pullback to $1 may not occur. Given how oversold and extended the downtrend, it may continue to rally. The Composite Index oscillator has crossed above its moving averages from neutral conditions and the Relative Strength Index is turning higher from the final overbought level, 40.

ADA/USD Weekly Ichimoku Kinko Hyo Chart
Cardano price may continue to spike higher to the bottom of the weekly Ichimoku Cloud, and Kijun-Sen shared the $1.60 value area. 
 
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Bitcoin price has single-handedly crashed the entire crypto market as it tumbled below a crucial support level. As of this writing, BTC is still yet to find a stable support level and hatch a recovery plan. Altcoins, including Ethereum and Ripple, are already working on bouncing back.
Cardano price has been repeating this liquidity fractal pattern since June 18 and triggered one just a few hours ago. The fractal is simple and aims to collect the sell-stop liquidity before an explosive move to the upside. 
SafeMoon price has seen a significant drop in volatility as it trades around a significant support level. This outlook could change quickly due to the bearish scenario that has been cooking for quite a while.
Ethereum Classic price has lost support from the 8-day exponential and 21-day simple moving averages. ETC price shows an uptick in volume amidst the decline.
Bitcoin price has not only swept key swing lows, as noted in last week’s articles, but it has also reached its first recovery level target. While the recovery rally was as quick as it was a surprise, investors can hope for a minor retracement to get on the next leg-up.
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.
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 trade 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.
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