Well, the bearish scenario played out since I last looked at ADA back in February, and we saw the predicted drop to around $0.40 -- a hefty 88% retracement from the ATH.
I was buying at $1, so you can bet I'm buying here too!
Weekly RSI has bottomed out at 30 (an all time low), and low TF structure leads me to believe we might be heading for a retest of the downtrend line. No need to FOMO though... I think we'll likely have another opportunity within the accumulation zone before ultimately heading back towards $1. But if you're like me, and you think we'll see $4-$5 ADA prices within the next couple of years, $0.50 doesn't sound like such a bad price in the grand scheme of things.
Don't forget the broader economic context though, and that things could still get worse before they get better. Some are even calling for $0.10 ADA. I think that's unlikely though, and hindsight will prove this to be one of the better buying opportunities of the bear market.
Weekly RSI has bottomed out at 30 (an all time low), and low TF structure leads me to believe we might be heading for a retest of the downtrend line. No need to FOMO though... I think we'll likely have another opportunity within the accumulation zone before ultimately heading back towards $1. But if you're like me, and you think we'll see $4-$5 ADA prices within the next couple of years, $0.50 doesn't sound like such a bad price in the grand scheme of things.
Don't forget the broader economic context though, and that things could still get worse before they get better. Some are even calling for $0.10 ADA. I think that's unlikely though, and hindsight will prove this to be one of the better buying opportunities of the bear market.
Comment:
This is the low TF structure I mentioned, and one of the reason I think price is more likely headed for a retest of the downtrend line (rather than another leg down). Halfway between an IH&S and a C&H:
