In my first post here, I'm going to analyze ADA. I bought this pretty thing last month and it has been dropping ever since, so I have to talk about it.
Facts: Ada has been in a clear bear trend since September, and has broken all support levels on its way. The 21 Exponential Moving Average (EMA) is still above the price, which is not a good sign either. Now It is in a supply zone (pink line), which seems to be holding Ada.
So what I do think about ADA - I believe Ada could fall further, but I don't believe it would fall below the pink line. I don't think it would have the strength to break below that, because it is a strong resistance level. And if it does fall, I think it would be a great time to buy.
I think ADA will finally go up when we see a reversal in the daily chart, a bullish pivot would be really great (I hope to see this)! I like this crypto and believe in its potential, so I'm holding it.
Let's wait for a reversal and a good confirmation before buying.
And that's it! Thanks for reading my analysis. I'm still learning Technical Analysis (and english), so be kind xD
I have bought ADA from $2.11 and on its way down, small purchases 4 or 5 times. I believe in ADA. It's slow, because the developers are doing things right. Testing everything, making sure everything is functioning correctly. Too me that's what makes ADA's future look so bright. It's an investment, not a buy, and sell coin. Thanks for the post, and your analysis!
I totally agree, my idea flopped, I was a little bit trigger happy or hopeful I guess. ☺
Juliehodler
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@dhartwig76, Yeah, Ada was the first crypto I ever bought and I was so hopeful, hahaha, but I still believe in it, it's a good crypto. 🙂 Thanks for your support, have a nice weekend 😊
Thanks for the post, and your analysis!