Cardano (ADA) 70% macro correction to 15 cents?

On the “Alt-coin market preparing for a 10x move” idea from July 2023 (below) it was written:

“A word of warning. The uptrend will not be equal across all alt-tokens, I'm quite certain of that. Throwing a wide net out across the market will not work as in 2017, you've got to be selective.”

Legacy token holders are slowly coming to the realisation this was not hyperbole. LTC, MATIC, ALGO, you name it, legacy tokens are underperforming. ADA is now added to the list of tokens set to show significant underperformance for the remainder of this bull market.

On the above weekly chart ADA price action has confirmed significant negative divergence across 8 oscillators as measured over a 2 month period. Just as it was in March 2021. Look left!!

In addition to the divergence price action has confirmed legacy support as resistance. It does not get much more bearish than this. But it does… The ADA / Bitcoin ratio..

The ADA.btc pair has confirmed resistance following a confirmed break of market structure. This is not indicative of other tokens currently over performing in the space.

Is it possible price action see higher highs? For sure.
Is it probable? No.

Ww




Alt-coin market preparing for a 10x move

ADA.btc monthly

Trade active

Comment:

** Confirmed broken market structure **

Almost unlike any other crypto token in the market, ADA holders have given up the maintenance of market structure and allowed a lower low to print.

Daily chart

Comment:

The range from 40 to 45 cents must be held over the next 2 to 3 weeks in order to void this idea.
IF price action begins with a 3 in that period, the idea is very active.

Comment:

Very likely a upward move is about to print.