So I'm very bullish on ADA, but there is a good chance it will correct about 20%.
I have marked a resistance zone on the RSI and every time it has reached this area there has been an average correction of 27.76%; I excluded the bear market in 2018, the crash in February 2020 and in May 2021 because I believe ADAs technicals and fundamentals are bullish unlike in these three previous times.
There have been 13 times the RSI has been in this area and 9 out of those 13 times we have proceeded to be in a bull market and 4 of those times we have gone into a bear market. So according to this data there is a 66.6% chance we will be in a bull market (there is only 12 samples so this isn't very accurate). If you account for other technical indicators there is more chance we will be in a bull market.
Another think to watch out is that every time the blue line of the MACD has ben above 0.183, the price has ALWAYS fallen afterwards. Two of these times there has been a crash and the other time there was a consolidation for 68 days. I don't believe anything like this will happen, but I do think this strengthens the facts there will be a correction.
¿How long will the correction last? I don't think that long considering the smart contracts are coming in September and each time leading up to a fork ADA has gone up. Out of the 9 bull market corrections I mentioned before, consolidation has lasted 22 days before resuming up.
Entry point
Between 1.9-1.75
I have marked a resistance zone on the RSI and every time it has reached this area there has been an average correction of 27.76%; I excluded the bear market in 2018, the crash in February 2020 and in May 2021 because I believe ADAs technicals and fundamentals are bullish unlike in these three previous times.
There have been 13 times the RSI has been in this area and 9 out of those 13 times we have proceeded to be in a bull market and 4 of those times we have gone into a bear market. So according to this data there is a 66.6% chance we will be in a bull market (there is only 12 samples so this isn't very accurate). If you account for other technical indicators there is more chance we will be in a bull market.
Another think to watch out is that every time the blue line of the MACD has ben above 0.183, the price has ALWAYS fallen afterwards. Two of these times there has been a crash and the other time there was a consolidation for 68 days. I don't believe anything like this will happen, but I do think this strengthens the facts there will be a correction.
¿How long will the correction last? I don't think that long considering the smart contracts are coming in September and each time leading up to a fork ADA has gone up. Out of the 9 bull market corrections I mentioned before, consolidation has lasted 22 days before resuming up.
Entry point
Between 1.9-1.75