Hello friends!
The past 24 hours did not see as big of a drop in prices as was possible, ranging between 1.97 and 2.14. Support at 2.00 has been strong, resisting further downward price action. The strength of the 2.00 support level shows that there is underlying strength in ADA, despite weakness in other parts of the crypto market. But that strength may not prevent further consolidation in the short-term.
Today, the daily chart is signalling a significant chance for prices to break below 2.00 to lower levels today or tomorrow.
The 9D, 11D, and 12D still look bullish, suggesting that consolidation in the next few days would be temporary before resuming the upward bull trend. New ATH's may be delayed by consolidation, but perhaps only a week or two.
Daily/Intraday
Increasing chance of drop below 1.90. If daily chart closes at current levels, it is likely that tomorrow ADA will drop near the yellow basis line, which would be around 1.80.
Multiday (next 3 days)
If today's 1D closes at/below current levels, prices likely to drop to 1.80 tomorrow, but may not last very long. Upward momentum is still strong and may limit downward movement and allow ADA to recover above 2.00 quickly.
Rest of this week/next week/end of the month
Upward momentum prevails in 8D to 12D timeframes, which takes us until early next week. In all intervals, the green EMA is above the RSI, and in most LMSA is increasing. White EMA is either above level 50 (8D, 9D) or about to cross above it (11D, 12D). This suggests that it is unlikely upward pressure would exhaust before the end of the month, even if a consolidation were to continue for the next few days.
With continued consolidation, ADA price targets of 3.14 and 4.00 may not occur until the June 12-20 candle. Instead, by June 2 price targets may be 2.80 and 3.45, but we will not know for a few days.
Good luck and good fortune!
The past 24 hours did not see as big of a drop in prices as was possible, ranging between 1.97 and 2.14. Support at 2.00 has been strong, resisting further downward price action. The strength of the 2.00 support level shows that there is underlying strength in ADA, despite weakness in other parts of the crypto market. But that strength may not prevent further consolidation in the short-term.
Today, the daily chart is signalling a significant chance for prices to break below 2.00 to lower levels today or tomorrow.
The 9D, 11D, and 12D still look bullish, suggesting that consolidation in the next few days would be temporary before resuming the upward bull trend. New ATH's may be delayed by consolidation, but perhaps only a week or two.
Daily/Intraday
Increasing chance of drop below 1.90. If daily chart closes at current levels, it is likely that tomorrow ADA will drop near the yellow basis line, which would be around 1.80.
Multiday (next 3 days)
If today's 1D closes at/below current levels, prices likely to drop to 1.80 tomorrow, but may not last very long. Upward momentum is still strong and may limit downward movement and allow ADA to recover above 2.00 quickly.
Rest of this week/next week/end of the month
Upward momentum prevails in 8D to 12D timeframes, which takes us until early next week. In all intervals, the green EMA is above the RSI, and in most LMSA is increasing. White EMA is either above level 50 (8D, 9D) or about to cross above it (11D, 12D). This suggests that it is unlikely upward pressure would exhaust before the end of the month, even if a consolidation were to continue for the next few days.
With continued consolidation, ADA price targets of 3.14 and 4.00 may not occur until the June 12-20 candle. Instead, by June 2 price targets may be 2.80 and 3.45, but we will not know for a few days.
Good luck and good fortune!
Comment:
Update: BTC breaking below $40k sent markets into free fall, amplifying ADA's downward momentum, breaking through the 1.80 level and down to 1.60. Prices could rally back to 2.00, but Intraday and daily charts continue to show a risk of continued downward momentum and low prices are more likely. Prices could again return to 1.60 or below before a reversal. Price action in the next 6-12 hours will determine if prices can recover quickly, or if consolidation will continue.
