FieryTrading

🔥 ADA Very Weak: 2 Options

BINANCE:ADAUSDT   Cardano / TetherUS
Since topping around $3 in September, ADA has severely been underperforming other alts. The direction of trading has been virtually only down for the past three months, with no end in sight yet.

I'm looking at two different possibilities. The first one, the best case scenario, would be that ADA will not go any lower from here. The $1.50 support will hold and the daily RSI hitting oversold areas will signal a great buying opportunity for investors. Expect a period of consolidation before going up again.

Worst case scenario would be for the price to continue going down, back into the horizontal channel. A period of trading within the channel might be needed before going up again. Don't expect anything good in the coming two months, might see some bullish pressure into February.

Happy trading!

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