Hello, Traders!
Since the start of the year, ADA has increased by 338%, all the way from around $0.03 USD to $0.14 USD which ADA is currently at. After seeing the growth, ADA has exceeded many of those in the top 30 by market cap, will this growth continue?
The only way has been up since March for ADA. This upwards trajectory can be clearly seen. However as demonstrated above, the ADA volatility is increasing hugely with this move up. Volatility increase could be a slight cause for concern, so it bears the question.
ADA has recently seen multiple bullish formations. ADA is currently trading within an ascending triangle formation. The ascending triangle has multiple points of contact, increasing validation. Before the ascending triangle, ADA saw a symmetrical triangle formation. This symmetrical triangle formation had a positive breakout and had a positive trend beforehand.
The overall formation is bullish. Seeing an ascending triangle formation after a symmetrical triangle formation (which had a positive breakout) is bullish. It is also bullish due to the huge upwards trend seen before the formations. If the symmetrical triangle is ignored (as demonstrated below), then the formation is still extremely bullish – providing that a positive breakout occurs.
Price targets
Bullish price targets:
The first bullish price target is $0.17 USD. If this was reached it would represent a 24% gain from our current position.
The second price target would be $0.22 USD. The likelihood of this occurring is low due to the $0.17 USD resistance level being very prominent. If this was reached it would represent a huge 57% gain from our current position.
Bearish price targets:
The first bearish price target is $0.11 USD. This could occur if there was a negative break of the ascending triangle and if the central PP was broken below. A move down to $0.11 USD would be a 17% loss from our current position.
The second bearish target is $0.09 USD. A move down here would be extremely unlikely, however it would be a 34% loss from our current position if this happened.
Please share your thoughts on the analysis and watch out for the market!
Good luck!
Since the start of the year, ADA has increased by 338%, all the way from around $0.03 USD to $0.14 USD which ADA is currently at. After seeing the growth, ADA has exceeded many of those in the top 30 by market cap, will this growth continue?
The only way has been up since March for ADA. This upwards trajectory can be clearly seen. However as demonstrated above, the ADA volatility is increasing hugely with this move up. Volatility increase could be a slight cause for concern, so it bears the question.
ADA has recently seen multiple bullish formations. ADA is currently trading within an ascending triangle formation. The ascending triangle has multiple points of contact, increasing validation. Before the ascending triangle, ADA saw a symmetrical triangle formation. This symmetrical triangle formation had a positive breakout and had a positive trend beforehand.
The overall formation is bullish. Seeing an ascending triangle formation after a symmetrical triangle formation (which had a positive breakout) is bullish. It is also bullish due to the huge upwards trend seen before the formations. If the symmetrical triangle is ignored (as demonstrated below), then the formation is still extremely bullish – providing that a positive breakout occurs.
Price targets
Bullish price targets:
The first bullish price target is $0.17 USD. If this was reached it would represent a 24% gain from our current position.
The second price target would be $0.22 USD. The likelihood of this occurring is low due to the $0.17 USD resistance level being very prominent. If this was reached it would represent a huge 57% gain from our current position.
Bearish price targets:
The first bearish price target is $0.11 USD. This could occur if there was a negative break of the ascending triangle and if the central PP was broken below. A move down to $0.11 USD would be a 17% loss from our current position.
The second bearish target is $0.09 USD. A move down here would be extremely unlikely, however it would be a 34% loss from our current position if this happened.
Please share your thoughts on the analysis and watch out for the market!
Good luck!