Crypto drops like the one today can look devastating on the lower timeframes, but if you take a breather, step back, zoom out and look at higher timeframes like the weekly, you’ll soon see the bigger picture.
ADA is still well above its Bollinger Bands Middle Band Basis 20 Period SMA on the weekly chart.
ADA is still well above its 50EMA on the weekly chart.
ADA is still well above its Pitchfork Hagopian Line on the weekly chart.
While ADA is below its 2nd Pitchfork Median Line, notice that ADA is still well above its 1st Pitchfork Median Line.
Notice how the Bollinger Bands Lower Band has risen up indicating decreased volatility on this weekly chart. As you can see, ADA is still in a longterm uptrend, scan back on this chart and see what happens when the Bollinger Bands Lower Bands move up after a period of strong upwards volatility…… there will possibly be sideways ranging…… then another period of increased volatility and looking at the ADA chart it’ll more likely be upwards.
ADA is still in a longterm uptrend, and that will not change until ADA drops and closes below $0.63 which is below the 1st Pitchfork Median Line and the Pitchfork Hagopian Line. Periods of sideways ranging and drops are good fro the market and entice new buyers to buy ADA at a cheaper price.
Yes there will be more drops and sadly BTC still controls the market direction but if there is one crypto that has shown true individual strength & said “meh” to the Bitcoin crypto market manipulation drops and recovered quickly, it is ADA.
You can check my older post when ADA was below $1, i posted many time saying “accumulate more ADA before ADA gets to $1”, now i’m saying “accumulate more before ADA gets to $10”. If you're longterm, then any drops with ADA should be used to accu…………… well, you know what to do.
I hope this is helpful with your trading and hodl-ing.
Again a great post buddy! Thanks for this, very helpful. I am very bullish on ada, like many.
Oakeso1
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great post.
hotFlamingo33287
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All staking except BTC, ETH, LTC
hotFlamingo33287
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I like it! I’m diamond hards with my bags. Don’t need the $ and wanna keep riding the the rollercoaster. Staking is sweet! All my bags are POS staking assets. ADA to 10!