ADA – Descending Triangle

ADA is trapped in descending triangle on the daily chart. It broke below to $1.80 on 29 October briefly with wick lows as institutions were buying there.

ADA Cardano needs to hold tight above $1.80 support near 200 EMA to break this Descending triangle Bullish.  Between $1.94 and $2.27 is the value area and if the price breaks above fib 0.786 with good volume, as it last did on 19 August, ADA is set to target the local high of 02 September of above $3.00. However, it has considerable resistance right above fib 0.786 near $2.280.