AzizKhanZamani
Long

ADA|USD Key Weekly Support| Double Bottom| Lower Highs

BINANCE:ADAUSD   Cardano / US Dollar (calculated by TradingView)
Hello Traders!

Today’s update will be on ADAUSD, testing a critical level as it comes close to its apex, a move is imminent.

Points to consider,
- Bearish Trend
- Major weekly support being tested
- Local resistance to break
- Stochastics in lower regions
- RSI respecting trend line
- Volume declining
- EMA’s giving price resistance

ADAUSD has been in an establish bear trend with consecutive lower highs; it is testing a critical weekly support area that must hold as the lower high structure converges.

If weekly support holds true, ADAUSD will confirm a double bottom , which is a major reversal pattern. Local resistance will be the first target to break as this will put in a new higher high in the trend, confirming a trend change.

The stochastics is currently in lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside. RSI is respecting its trend line , must hold for a bullish bias, a break will likely also mean a break in weekly support, which will be very bearish .

Volume is declining rapidly, signalling that a move is imminent as price comes closer to its apex. EMA’s itself is currently giving price resistance, a bullish cross will help negate the bearish trend .

Overall, in my opinion, this weekly support is probable to hold, ADAUSD is likely to break bullish from its apex, and an entry would only be valid if ADAUSD breaks local resistance with a bullish retest.

What are your thoughts?

Please leave a like and comment,

And remember,

“If you can’t take a small loss, sooner or later you will take the mother of all losses.” – Ed Seykota

Comments

When Cardano first came out I watched it at .02 and considered investing heavily into it. However, I drug my feet and before I filled any bags it took off. I was shocked how fast it ripped past $1.

There’s a fair amount of risk here as with any mid cap Altcoin but Cardano ADA is definitely not one to sleep on.

Best wishes to your future! Health & Happiness!
+1 Reply
@MitchMilli I 💯 agree with your take on this, ada has a lot of potential especially from a technical aspect combined with fundamentals

Happy holidays! :)
Reply
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