In this analysis I want to take a look at my personal worst case scenario for Cardano: a parallel channel. Keep in mind that this is not my most likely outcome, but something I'm just watching.
The channel is constructed by taking the top resistance (with three touches) and attaching it directly to the COVID sell-off lows. By doing this we construct a parallel channel with a clear support and resistance structure. The bottom support has not been retested, so we can't guarantee that the market will accept this support. If ADA will actually move towards the bottom support, it would mean that we still have 40%-30% more downside ahead of us.
Still, I'm confident about two things:
- The market will find some kind of support. Whether it will be the definite market lows remains to be seen.
- Buying from this support will offer great long term opportunity, even if it's not the bear market low.
What is your prediction for ADA? Share your thoughts in the comments 🙏
The channel is constructed by taking the top resistance (with three touches) and attaching it directly to the COVID sell-off lows. By doing this we construct a parallel channel with a clear support and resistance structure. The bottom support has not been retested, so we can't guarantee that the market will accept this support. If ADA will actually move towards the bottom support, it would mean that we still have 40%-30% more downside ahead of us.
Still, I'm confident about two things:
- The market will find some kind of support. Whether it will be the definite market lows remains to be seen.
- Buying from this support will offer great long term opportunity, even if it's not the bear market low.
What is your prediction for ADA? Share your thoughts in the comments 🙏
🎯Official Channel: t.me/FieryTradingChannel
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: www.fierytrading.com
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: www.fierytrading.com
