ADABTC - I'm Very Bearish on This One Despite Weiss Ratings
This coin received a good Weiss Rating of B- and has experienced a pretty decent uptrend in recent times. However, a quick TA appears to reveal that this uptrend has ended and a downtrend is now in play.
There are several bearish indicators on the chart. Including a descending triangle with a confirmed break below the support line of the triangle. There is no support left until .00002482 for Cardano. It is possible it could even hit an all time low (ATL) of 0.0000028 (Yes, 5 zeros) if it completes the drop predicted by the triangle. Although I doubt it will get that low given the ratings it received by Weiss and given the quality of the project staff, however, it could get to 0.0000065 (based on a much earlier support).
I'm staying out of this one or may even short it.
There are several bearish indicators on the chart. Including a descending triangle with a confirmed break below the support line of the triangle. There is no support left until .00002482 for Cardano. It is possible it could even hit an all time low (ATL) of 0.0000028 (Yes, 5 zeros) if it completes the drop predicted by the triangle. Although I doubt it will get that low given the ratings it received by Weiss and given the quality of the project staff, however, it could get to 0.0000065 (based on a much earlier support).
I'm staying out of this one or may even short it.
Comment:
I'm slightly surprised to see Cardano move through the resistance line at the top of the triangle. I would expect it to return today. However, with the market in recovery anything is possible. If there is a big or sustained break out through out the day then all bets are off and I'll change my position to neutral on Cardano. In the mean time I stick to my guns and expect a drop.