This year, the ADA is one of the few coins to say they were able to perform above the BTC
I am not fully familiar with the project, so I will provide a purely technical analysis.
Analysis:
The graph shows a weekly view.
I marked the supports/resistors with green/red horizontal lines. With black resistors from the 2018 top to bottom.
Apparently, the trend against BTC has already been reversed. There is little chance that the exchange rate will fall to the middle green line. If that did happen, I think it would definitely last, because there was the most traffic so far.
What I find much more likely is that the current top green line will function as a support and it will hold.
Another interesting fact is how the price behaved on the resistors marked with a downward black line so far. In all 3 cases there was a strong stab and then he started to descend on the resistance pretty slowly. Then he broke through the resistance halfway through and descended on it further than on a prop.
I wouldn’t be surprised if this trend continued.
I marked with a red arrow an idea of him climbing up the black resistor again, then circling over it, and already descending like an inclined support. Finally, the support lasts, and again another rise can be assumed for a higher resistance zone to the horizontal line marked in red.
As I mentioned, the ADA has gone a long way, this consolidation is completely normal. The horizontal black arrows below show the times from previous ascents to falls. If the trend remains, consolidation could take 26 to 33 weeks, followed by an upward eruption. The FIBO levels indicated on the right are already starting to fetch nicely.
RSI:
Apparently there is a sloping resistance line, these are worth monitoring because they can signal a trend reversal. Unfortunately, the RSI does not affect the lines very accurately, somewhat chaotically.
Conclusion:
Just as a horizontal line functions as a resistance and a support, so oblique lines play a similar role.
Consolidation is expected in the short term, which has apparently already begun, but in the longer term it looks bullish. Remember, it's all for BTC! The analysis is based on bear market data. Data on the rise of the bull market are not yet of sufficient quality. So there may be much faster and more intense movements than I analyzed above.
The power of HYPE should never be underestimated!
If you liked the analysis, click on a liking and subscribe to be informed about future analyzes and updates.
Non-financial advice. Trading in cryptocurrencies is risky and can result in losses.
Translated with Google Translator
Peace
The-Line
I am not fully familiar with the project, so I will provide a purely technical analysis.
Analysis:
The graph shows a weekly view.
I marked the supports/resistors with green/red horizontal lines. With black resistors from the 2018 top to bottom.
Apparently, the trend against BTC has already been reversed. There is little chance that the exchange rate will fall to the middle green line. If that did happen, I think it would definitely last, because there was the most traffic so far.
What I find much more likely is that the current top green line will function as a support and it will hold.
Another interesting fact is how the price behaved on the resistors marked with a downward black line so far. In all 3 cases there was a strong stab and then he started to descend on the resistance pretty slowly. Then he broke through the resistance halfway through and descended on it further than on a prop.
I wouldn’t be surprised if this trend continued.
I marked with a red arrow an idea of him climbing up the black resistor again, then circling over it, and already descending like an inclined support. Finally, the support lasts, and again another rise can be assumed for a higher resistance zone to the horizontal line marked in red.
As I mentioned, the ADA has gone a long way, this consolidation is completely normal. The horizontal black arrows below show the times from previous ascents to falls. If the trend remains, consolidation could take 26 to 33 weeks, followed by an upward eruption. The FIBO levels indicated on the right are already starting to fetch nicely.
RSI:
Apparently there is a sloping resistance line, these are worth monitoring because they can signal a trend reversal. Unfortunately, the RSI does not affect the lines very accurately, somewhat chaotically.
Conclusion:
Just as a horizontal line functions as a resistance and a support, so oblique lines play a similar role.
Consolidation is expected in the short term, which has apparently already begun, but in the longer term it looks bullish. Remember, it's all for BTC! The analysis is based on bear market data. Data on the rise of the bull market are not yet of sufficient quality. So there may be much faster and more intense movements than I analyzed above.
The power of HYPE should never be underestimated!
If you liked the analysis, click on a liking and subscribe to be informed about future analyzes and updates.
Non-financial advice. Trading in cryptocurrencies is risky and can result in losses.
Translated with Google Translator
Peace
The-Line