ADA/USD - Temporary Dip to 1.85 Possible, Outlook Bullish
Hello friends!
As forecast in my May 16 update, ADA fell to 2.00 and then further to a low of 1.91. Prices did not fall as low as 1.83 region, but another test of 1.90 may be coming.
Summary
Today ADA is likely to drop to 1.90 or a bit below, but prices are likely to range around 2.00. The current consolidation may not last more than a few days. Higher timeframes are still very bullish and 3.14 or higher is still likely for June 2 at this point.
Daily/Intraday
The 1D chart is showing continued downward pressure with green EMA well below RSI and LSMA, and the white EMA below level 50. However, RSI has not come down significantly and is above level 80. This suggests that the green EMA will bounce above level 50 and prices are unlikely at this time to go to the yellow basis line. A drop to 1.83 is still in play, but a drop below 1.80 appears unlikely at this time and prices may not fall lower than 1.90.
Intraday, prices will likely continue to range between 1.90 and 2.10, with 2.00 being a common focal point. The 12H chart has already closed with the RSI under level 80 and green EMA below level 50. RSI is continuing to decline, which will push prices to the yellow basis (currently 1.91), but the LSMA is also falling, which will narrow the B-bands and limit how far prices can move. Again, a dip to 1.83 is possible, but prices may not be able to break the 1.90 support level.
Next 3 Days
The 4D and 5D charts, both of which have 3 days left, are still quite bullish despite the current pullback. Green EMA is still higher than white EMA, and all indicators are well above 50 and rising. This suggests the bull trend is still intact and is likely to resume in coming days.
June 2 Forecast Impact
The next 7 days continue to look very bullish with more upward momentum coming in the next candle (May 25). Due to the current pullback, $4 may be delayed until early June, but $3.14 continues to look likely. How quickly ADA recovers from current prices will indicate price targets for June 2. For now, there is no indication that the bull trend is at risk.
Good luck and good fortune!
As forecast in my May 16 update, ADA fell to 2.00 and then further to a low of 1.91. Prices did not fall as low as 1.83 region, but another test of 1.90 may be coming.
Summary
Today ADA is likely to drop to 1.90 or a bit below, but prices are likely to range around 2.00. The current consolidation may not last more than a few days. Higher timeframes are still very bullish and 3.14 or higher is still likely for June 2 at this point.
Daily/Intraday
The 1D chart is showing continued downward pressure with green EMA well below RSI and LSMA, and the white EMA below level 50. However, RSI has not come down significantly and is above level 80. This suggests that the green EMA will bounce above level 50 and prices are unlikely at this time to go to the yellow basis line. A drop to 1.83 is still in play, but a drop below 1.80 appears unlikely at this time and prices may not fall lower than 1.90.
Intraday, prices will likely continue to range between 1.90 and 2.10, with 2.00 being a common focal point. The 12H chart has already closed with the RSI under level 80 and green EMA below level 50. RSI is continuing to decline, which will push prices to the yellow basis (currently 1.91), but the LSMA is also falling, which will narrow the B-bands and limit how far prices can move. Again, a dip to 1.83 is possible, but prices may not be able to break the 1.90 support level.
Next 3 Days
The 4D and 5D charts, both of which have 3 days left, are still quite bullish despite the current pullback. Green EMA is still higher than white EMA, and all indicators are well above 50 and rising. This suggests the bull trend is still intact and is likely to resume in coming days.
June 2 Forecast Impact
The next 7 days continue to look very bullish with more upward momentum coming in the next candle (May 25). Due to the current pullback, $4 may be delayed until early June, but $3.14 continues to look likely. How quickly ADA recovers from current prices will indicate price targets for June 2. For now, there is no indication that the bull trend is at risk.
Good luck and good fortune!