appears to be breaking out its downtrend, approaching new highs on the daily chart
. However, this is likely due to the upcoming Huobi exchange listing to take place on April 17th at 14:30 UTC
. In the short-term ADA
may run up, but it looks prime for a retrace back down to the 2500-2700 sat area. A leveraged short could be placed on this trade with an entry at 3400-3500 sats
and an exit around that 2500-2700 area.
From a indicator standpoint, there is a bearish
divergence on the daily and 4 hour chart signaling a potential retrace. Additionally, the TD
Sequential is painting a 13 on the 4 hour chart as well as a 9 on the daily chart
Should we see ADA
retrace, it will be crucial for ADA
to hold this support level
as its next support range is much, much lower (sub 1000 sat range).