The current ADA price movement is one of pure theoretical importance. The reason I say this is based on the fact that we are currently in a bullish continuation pattern know as a triangle pattern. Some would know why I say this formation is very textbook. For those who do not know, it is because with any continuation pattern the price will break out of the confines of the pattern (resistance) only to come back and turn previous resistance into support before it goes on to reach the targets set by the pattern, in this situation the target lies at around $1.61. However the price wont just shoot up to the target and is more likely to build up a bit more support in order to create a strong level that future price will struggle to fall below, but a more directly to the target is also highly possible therefore one would have to look on the smaller time frames for confluences to determine which route the price will take.
What do you think about ADA's current situation. Are you bullish or bearish in the medium term?
What do you think about ADA's current situation. Are you bullish or bearish in the medium term?