Update 2: ADA USDT Retracing to 1.00 before heading to ATH
As expected, ADA/USDT broke to the downside from the descending triangle. Given how quickly ADA has run up in price in the past month, a correction like this was likely to occur. Indicators are suggesting that this correction may go deeper than 1.00.
We are now approaching 1.00 after having quickly broken through 1.15 and the support at 1.11. The area around 1.00 has been a strong resistance/support level recently, but it may not provide enough support this time. There is strong downward momentum that will continue to be in command for the next 12-24 hours as seen in the 12H chart (1-2 more candles at least).
Indicators in the 2 day interval are suggesting that this correction will continue to the 0.86 area if 1.00 does not hold. We could even see a brief drop to 0.75, but 0.90 to 0.86 is looking like the zone where we could start to see reversal, but it is too early to call the bottom.
Longer term (1W, 2W), in both TA and fundamentals, ADA is looking strong. Accumulating ADA below 1.00 may turn out to be a bargain later this year. This correction is not likely to last long before we return to upward momentum in search of a new ATH.
As always, validate with your own analysis before entering/exiting, and manage your risk.
Good luck!
We are now approaching 1.00 after having quickly broken through 1.15 and the support at 1.11. The area around 1.00 has been a strong resistance/support level recently, but it may not provide enough support this time. There is strong downward momentum that will continue to be in command for the next 12-24 hours as seen in the 12H chart (1-2 more candles at least).
Indicators in the 2 day interval are suggesting that this correction will continue to the 0.86 area if 1.00 does not hold. We could even see a brief drop to 0.75, but 0.90 to 0.86 is looking like the zone where we could start to see reversal, but it is too early to call the bottom.
Longer term (1W, 2W), in both TA and fundamentals, ADA is looking strong. Accumulating ADA below 1.00 may turn out to be a bargain later this year. This correction is not likely to last long before we return to upward momentum in search of a new ATH.
As always, validate with your own analysis before entering/exiting, and manage your risk.
Good luck!
Comment:
Be careful opening up any long positions in this bounce (currently around 1.15). It is possible that we have seen the low of this correction, but it is more likely that we will have at least one more downturn before any reversal. We have not retested the 1.20 resistance level (that was previously our support), which shows limited upward pressure, and indicators are showing downward momentum in the 12H for at least 2 more candles. Prices of 1.03 or lower are still in play in the next 24-48 hours.