Don't you just love seeing the market volatility, as the price breaks out of a multi month downward trend. The following points below will explain my short and medium term predictions for the current market of ADA.
The most obvious indicator is the fact that the media is blowing ADA through the roof with over 30% in the prior week, which is a temporary pro, however this tends to overextend the price in the medium turn and a retracement is imminent. This statement will be back by the use of the RSI, Bollinger bands and the MACD.
The RSI is currently cruising on the oversold line at around 73 at the time of writing. As a confluence to this fact the Bollinger bands are well spread out into consolidation or reversal territory but tend to lean towards the reversal side based on the other indicators signals. Last off the MACD is on its way to diverge to the bears and these 3 indicators on the daily are genuinely quite strong for the medium term fluctuations.
On the 28th march, a bearish hammer candle was made visible which lines up with a previous level of support set on the 8th Feb. This level of support is not just a guess, it is the 78.6% fib retracement level drawn from the previous trend. This is further confluence that the market is going to retrace down to the set level at around $1, which I feel it wont break based on the strong technical and phycological strength this level holds.
The above mentioned topics discuss the retracement to the predicted level of $1, however this article is not a negative gloom and doom write, This retracement will further solidify the medium term rise to prices around $1.60 before the next major retracement which is not yet visible to my eye of prediction, however an illustration of the potential move to over $1.60 is depicted in the above chart analysis. One can inspect the weekly chart for themselves to see the longer term but just looking at the weekly RSI & MACD it is clear that the longer term is still very under valued and slightly underbought, but not enough to create yet another steady downward trend.
Thank you for your read, i hope this article helped navigate your own predictions or further strengthened your confidence or maybe even posed as a contrasting perspective, either way a comment with your opinion would be greatly admired.
The most obvious indicator is the fact that the media is blowing ADA through the roof with over 30% in the prior week, which is a temporary pro, however this tends to overextend the price in the medium turn and a retracement is imminent. This statement will be back by the use of the RSI, Bollinger bands and the MACD.
The RSI is currently cruising on the oversold line at around 73 at the time of writing. As a confluence to this fact the Bollinger bands are well spread out into consolidation or reversal territory but tend to lean towards the reversal side based on the other indicators signals. Last off the MACD is on its way to diverge to the bears and these 3 indicators on the daily are genuinely quite strong for the medium term fluctuations.
On the 28th march, a bearish hammer candle was made visible which lines up with a previous level of support set on the 8th Feb. This level of support is not just a guess, it is the 78.6% fib retracement level drawn from the previous trend. This is further confluence that the market is going to retrace down to the set level at around $1, which I feel it wont break based on the strong technical and phycological strength this level holds.
The above mentioned topics discuss the retracement to the predicted level of $1, however this article is not a negative gloom and doom write, This retracement will further solidify the medium term rise to prices around $1.60 before the next major retracement which is not yet visible to my eye of prediction, however an illustration of the potential move to over $1.60 is depicted in the above chart analysis. One can inspect the weekly chart for themselves to see the longer term but just looking at the weekly RSI & MACD it is clear that the longer term is still very under valued and slightly underbought, but not enough to create yet another steady downward trend.
Thank you for your read, i hope this article helped navigate your own predictions or further strengthened your confidence or maybe even posed as a contrasting perspective, either way a comment with your opinion would be greatly admired.