Update 5: ADA USDT Retracing to 1.00 before heading to ATH
The ADA glacier has finally moved after a frustrating week of sideways action in a narrow channel. 1.20 was broken, and now finally 1.11 fib has broken. So where now?
1.03 and 1.05 will provide a bit of support before we head further downward, which may slow action to lower prices. However, we have already seen a wick to 1.02, so 1.00 is on the doorstep. 1.00 does not seem to have much more support than 1.05.
Downward momentum in the 2D chart looks like it will continue through the 3/16 or 3/18 candles - several days more, so breaching 1.00 seems quite likely. The 3D candle closes in just over a day. If price action continues down and the current 3D candle closes lower, then in the following 3D candle it is very probable that we would see prices down to the 0.90 (if not sooner). A wick lower than 0.90 is possible, but looks unlikely to/beyond 0.75 (50% retracement) at this point.
In the 1W, indicators are still very high for ADA/USD. We may be in the corrective phase until the end of the month before we see a reversal and attempt at new highs. Short of a change in fundamentals, ADA seems to be taking its time this month. Anything under 1.00 is a bargain, so consider focusing on accumulation during this time.
Good luck!
1.03 and 1.05 will provide a bit of support before we head further downward, which may slow action to lower prices. However, we have already seen a wick to 1.02, so 1.00 is on the doorstep. 1.00 does not seem to have much more support than 1.05.
Downward momentum in the 2D chart looks like it will continue through the 3/16 or 3/18 candles - several days more, so breaching 1.00 seems quite likely. The 3D candle closes in just over a day. If price action continues down and the current 3D candle closes lower, then in the following 3D candle it is very probable that we would see prices down to the 0.90 (if not sooner). A wick lower than 0.90 is possible, but looks unlikely to/beyond 0.75 (50% retracement) at this point.
In the 1W, indicators are still very high for ADA/USD. We may be in the corrective phase until the end of the month before we see a reversal and attempt at new highs. Short of a change in fundamentals, ADA seems to be taking its time this month. Anything under 1.00 is a bargain, so consider focusing on accumulation during this time.
Good luck!
Comment:
A few hours ago we hit 1.00 before seeing a sharp bounce up to 1.14. Hopefully you spread out your orders and accumulated some ADA around 1.00. If not, you're very likely to get a second chance. Tonight several daily timeframes will close, giving us better sense of the next few days, but indicators continue to support a drop to 0.90 and probably lower to as low as 0.75. We will likely face downward momentum until the end of the month. Do not expect this bounce to continue to new highs.
Comment:
Quick update: ADA is stepping down, currently in the 1.07 area. A slow move descent seems likely for the next 24-36 hours (though there's always a chance of a sharper drop). After that we could see a stronger move below 1.00. The correction looks like it might run out of steam by the end of the month. Sometime between the 3/18 and 3/29 we could see a reversal. Before then, hopefully we'll be able to accumulate more ADA at or below 0.90.