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ADAADA
Bouncing off 12 hour 200 MA
Bouncing off previous resistance
Bouncing off 78.6 fib retrace
Bouncing off 5th wave of C bottom
Still in overall uptrend
Is taking this trade stupid?
ADA - The BB Middle Band Basis is a crucial level on the dailyADA is still below its Bollinger Bands Middle Band Basis 20 Period SMA on this 1d timeframe. Note that ADA has not closed a daily candle above the BB Middle Band Basis since 13th Nov 2021. ADA needs to 100% CLOSE a daily candle back ABOVE its BB Middle Band Basis and successful retest as support for any recovery to look promising.
ADA has found some support from its Least Squares Moving Average (LSMA) level. Note that a daily close below the LSMA will be a potential sell signal for this 1d timeframe.
Using the 20,60,120,30 settings we can see that ADA is still well within the Bearish Zone of the Ichimoku Cloud and has a long way to go before it can attempt to get back in the Equilibrium Zone.
ADA is in a Falling Wedge Pattern on this 1d timeframe. This Falling Wedge Pattern is potentially BULLISH as it’s developed after the previous uptrend so it could be a Bullish Continuation.
The Dashed Black line is a major support and ADA has bounced off it as support 3 times over the last 7 Months. A daily close BELOW this level will be a sign that we may see further downwards momentum on this 1d timeframe.
Note that ADA is below its VPFR POC for the fixed range of 13 daily candles that i have selected.
Note that ADA is also still way below its VPVR POC for this charts visible range.
Note that Volume is still low on this 1d Binance chart and the last 9 Daily Volume Bars have been below its Volume 20 Period Moving Average.
If we look at the Moving Average Convergence Divergence (MACD) we can see that the MACD Line (Blue Line) is still in the Negative Zone under the 0.0 Basel Line on this 1d timeframe. Note that the MACD Line (Blue Line) is still above the Signal Line (Orange Line). If the MACD Line (Blue Line) crosses below the Signal Line (Orange Line) then that will be a sell signal on this 1d timeframe. Note that the MACD Line (Blue Line) has not be in the Positive Zone above the 0.0 Base Line since 17th Sept 2021.
If we take a quick look at the Stochastic (STOCH) we can see that the %K Line (Blue Line) is under the %D Line (Orange Line) and at the moment is also starting to slope slightly upwards and is out of the OVERSOLD ZONE of the STOCH indicator but note that it is a fast reacting indicator. Be on the look out for if/when the %K Line (Blue Line) crosses back ABOVE the %D Line (Orange Line).
ADA needs to stay ABOVE the LSMA and ADA especially needs to stay above the Dashed Black Line which is a major support line. If ADA cannot CLOSE back ABOVE the BB Middle Band Basis on this 1d timeframe then ADA will continue to go downwards over time. This goes the same for BTC, the BB Middle Band Basis is a very crucial level to keep an eye on.
I hope this is helpful with your Trading and Hodl-ing.
Notes:
Falling Wedge Pattern = Descending Converging Black Lines on Chart
Major Support Line = Ascending Dashed Black Line on Chart
LSMA = Black Squiggly line on Chart
Bollinger Bands = Grey Bands on Chart
Ichimoku Cloud = Red and Green Cloud on Chart
VPFR POC = Short Horizontal Red Line on Chart
VPVR POC = Long Horizontal Red Line on Chart
Volume Bars = Bars Bottom of Chart
Volume 20 MA = Orange Line going through Volume Bars on Chart
ADA Falls 35% From All Time High, Will Bulls Gobble Up The Dip?-ADA has fallen over -30% the last week
-Price has bounced off long term trend line
-Price must regain $2.51 to be out of hot water
Cardano has went on an amazing run over the last month as prices rose over 200% from $1.00 past $3.00. This price movement was largely credited to the anticipation of smart contract capabilities going live on the Cardano blockchain after nearly 4 years of hard work. To everyones surprise, the beta version of this capability went live last week & It was only able to process 1 transaction per block. This was much less than anticipated but the founder reassured everyone its the beta version & improvements will be coming. Overall, it seems that ADA finally reset itself after such a strong push the last month or so.
While looking at the last few weeks of price movement, we can see how ADA started to go sideways after $3.00 was nearly reached. The price formed a rising wedge & earlier today, ADA completely broke to the downside of this wedge. Once the support of $2.79 was lost, ADA tumbled to a multi week low. Prices fell nearly -30% in just under a few hours. The bottom wick bounced off the long term trend as the 4 hour candle managed to close above the mid term trend that has been respected for a few weeks. At the time of writing, ADA is attempting to break above its major resistance zone of $2.51.
If ADA manages to break & hold this major resistance, price will then shoot to levels near $2.65 where its next major resistance sits. ADA has refused to close a candle below its major support of $2.37. In the event bears continue their dominance & ADA gets pulled below this support level, trouble may be ahead. Currently ADA has bounced clearly off its 200MA which has held price for over a month. Any drop below these two marks will leave ADA back to low $2.00 range.
While looking at the Stochastic RSI, we can see strength has just reset completely within the oversold region.
At the time of writing, ADA is bouncing out of this oversold region back towards a trend line that has been respected for nearly a week. Strength must completely break & hold this trend line for ADA to be confirmed in a bullish revival. While looking at the MACD we can see the MA’s have fallen to a multi month low. This is a great sign the tables were cleaned & once the histogram ticks green again, expect a stronger revival to occur.
ADA Intraday Analysis
Spot rate: $2.51
Trend: Bearish
Volatility: Medium
Support: $2.37
Resistance: $2.51
ADA - 4hr chart updateADA Quick Update:
ADA is still in the Bearish Zone of the Ichimoku Cloud for this 4hr timeframe.
ADA is still below its 50EMA. ADA needs to eventually close above this level.
ADA is still below its Bollinger Bands Middle Band Basis 20 Period SMA. ADA needs to eventually close above this level.
ADA is in a triangle pattern and is approaching the apex so we need to keep an eye on if the breakout is upwards or downwards and if the potential breakout is on increased volume or not.
At the moment of typing this, ADA is trying to get back over its Ichimoku Cloud Leading Span A (Senkou Span A) cloud resistance.
At the moment of typing this, ADA is above its Volume Profile Visible Range VPVR Point of Control (POC) for this charts visible range.
Volume is still relatively low and you can see that the Volume Bar is below its Volume 20 period Moving Average.
The Moving Average Convergence Divergence (MACD) is indicating momentum is sideways, note that the MACD Line (Blue Line) is back above its Signal Line (Orange Line). Note that we have green histograms formed. We need the MACD Line to cross back over 0.0 for real bullish momentum for this 4hr timeframe.
The Chaikin Money Flow (CMF) is indicating that we need to be a bit weary because ADA has dropped into the Distribution Zone for this 4hr timeframe. Note that the CMF (Green Line) is at -0.01 and below its Least Squares Moving Average (LSMA) which is at 0.05. Note that this is a 4hr timeframe so this can easily change to accumulation very quickly which will happen if ADA closes above the Leading Span A (Senkou Span A) cloud resistance which would take ADA back into the Ichimoku Cloud Equilibrium Zone for this 4hr timeframe.
ADA has proven to be one of the strongest cryptos during this downtrend, but obviously we still have to keep an eye on what BTC is doing as sadly, alts still follow BTC's direction.
I hope this quick update is helpful with your trading and hodl-ing.
ADA - update with the Ichimoku CloudADA update with the Ichimoku Cloud:
Like all cryptos, ADA was affected by the massive BTC liquidation this morning. Damn those greedy leveraged traders.
ADA is back above its 50EMA. Ideally ADA needs to close this daily candle above this level which it looks like ADA will do.
ADA is still in the Bullish Zone of the Ichimoku Cloud.
During the dip, ADA dipped right down to the Ichimoku Cloud Leading Span A (Senkou Span A) support level and rebounded strongly upwards.
ADA has found support from its Ichimoku Cloud Base Line (Kijun Sen). ADA needs to eventually close a daily candle above this level and turn it into strong support.
ADA is below its Ichimoku Cloud Conversion Line (Tenkan Sen) so we need to eventually close a daily candle above this level.
The Ichimoku Cloud Conversion Line (Tenkan Sen) is indicating short-term momentum is downwards.
The Ichimoku Cloud Base Line (Kijun Sen) is indicating mid-term momentum is still relatively sideways.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating momentum is sideways with the Lagging Span Tip in the Price from 30 Periods ago.
If we look at the Chaikin Money Flow (CMF), we can see that ADA is still in the accumulation zone ranging sideways.
The ADX DI SMA is indicating negative momentum has taken over with the -DI (Red Line) at 20.2 above its +DI (Green Line) which is at 17.3. The ADX (Yellow Line) is at 42.1 and still above its 10 Period SMA (White Line) which is at 37.
Longterm, ADA needs to close a daily candle above its Pitchfork Median Line and turn that level into strong support.
For many of you, this is might be your first big liquidation experience. Liquidations happen, and they happen fast, especially when greedy traders are using so much leverage that the moment the price dips below their margin, they cannot cover it & they get completely liquidated. FYI, according to bybt, over 1 million traders got liquidated with this dip. As i said in my previous BTC post, it is not the end of days and remember that BTC, ADA and many other cryptos are still in a LONGTERM UPTREND & ADA would need to drop so much more that it did today on the 1 day, 2 day, 3 day ect ect for the longterm uptrend to be reversed.
Buy the dips, but if in doubt, wait to see where & how this daily closes, because its where the candle closes that’s important for the longterm not where the candle wicks to.
I hope this is helpful with your trading and hodl-ing. Good luck 👍
ADA EMERGENCY UPDATE: DONT CALL THE FUD!!!ADA EMERGENCY UPDATE!!
I have seen a lot of FUD because of ADA's flash crash; double tops, going back to 1$, ADA is like DOGE or XRP. No, no, no, no, no, no and no!
All wrong! I bet you are looking at ADA after the crash and are like: WTF?! Read this and calm down!
FLASH CRASH / LONG SQUEEZE
Since everyone was dropping mad LONGS on ADA just like I told you in previous updates, market makers decide to squeeze you out of your long, they always do that!
Secondly we had a bunch of people shorting the ATH which created more selling pressure, check my last ADA chart I warned for a drop there.
Lastly, we had Coinbase absolutely f*cking up the price at the listing; opening with 1,65$ and even touching 2$, ofcourse that freaks traders out if ADA is 1,40$ on other exchanges.
SHOULD IS SELL MY ADA?
The answer is no! Due to this pullback we had to chance to see how healthy this pump is and I can tell you; it is very very healthy.
As you can see we found support well above our bull market support line; its simple; if we stay above this line we will climb to at least 2$ in the short / middle term (a few weeks, not months) if we drop below the bull market support line, we could see a pull back and a short term bear market, still even then; 2$ is imminent in this bull run.
LONG ENTRY
I see possibilities for a MASSIVE long entry, just like my last update, check chart for entry and targets.
And yes, Im still in my old long (+300%) and im not gonna sell!
WHEN DO WE PUMP?
The pump can start anytime from now, personally I expect the biggest pump to come afternoon / evening times PT, so that would be coming night and the night after.
This weekend will be massive for ADA and we could already reach 2$ in a few days, I am not saying we will but it is possible! Do you understand now how much money market makers need to pay to those who long?
Exactly and thats why they flash crashed the market to liquidate or stop you out, luckily for me and you all, we had the signal well before the pump and to stop us out they'll have to literal;ly crash the whole ADA market.
Not gonna happen! ADA is not gonna crash and if you bought the top, chill out and be patient! Look at the orange bull market support line, it goes alllll the wayyy to 2$ and beyond. Time is on your side, dont freak out!
Simple TA: all ADA pairs are bullish for Cardano, thats it! Dont be played by CZ and the gang, they love to take your money and your ADA, dont get rekt!
CURRENT SITUATION >>> ADA 24HR CHANGE: +4%! // FOLLOW THE TREND AND DONT CREATE FUD, WE HAVE 2 TRILLION TO DOUBLE SPEND!
IMPORTANT: I dont give financial advice, I only state my opinion based on my knowledge of markets and TA, invest or trade at your own risk and research.
ADA - Ascending TriangleADA 4hr Chart update:
ADA is in the Ichimoku Cloud Equilibrium Zone for this 4hr timeframe.
ADA has found some resistance from its Ichimoku Cloud Leading Span B (Senkou Span B) cloud resistance. ADA needs to cross over turn this level into strong support for this 4hr timeframe.
ADA is below its Bollinger Bands Middle Band Basis 20 Period SMA for this 4hr timeframe. ADA needs to turn this level into strong support.
ADA is below its Volume Profile Visible Range VPVR Point of Control (POC) for this charts visible range.
ADA is below its Volume Profile Fixed Range VPFR Point of Control (POC) for the range i have selected.
Note that Volume is low for this 4hr period and the Volume Bar is below its Volume 20 Period Moving Average.
The Ichimoku Cloud Conversion Line (Tenkan Sen) is indicating that the mid point of the short-term momentum is sideways at the moment.
The Ichimoku Cloud Base Line (Kijun Sen) is indicating the mid point of the mid-term momentum is sideways.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating momentum is downwards at the moment. Note that the Lagging Span (Chikou Span) is still above the price from 30 Periods ago.
ADA is in an Ascending Triangle Pattern (Dashed Line). If any potential breakout happens to the positive side then we need that breakout to be on strong volume and the Triangle resistance turned into support.
The Moving Average Convergence Divergence MACD is indicating that the MACD Line (Blue Line) has crossed back under the Signal Line (Orange Line) which is a potential sell signal and has created a new red histogram. Note that the MACD Line is still in the positive zone above 0.0.
The Chaikin Money Flow (CMF) is showing that accumulation has dropped to 0.03 and note that the CMF (Green Line) is below its Least Squares Moving Average (LSMA) which is at 0.09. Note that the CMF is still in the Accumulation Zone.
If the Bollinger Bands Middle Band Basis and Conversion Line (Tenkan Sen) cannot be turned into support then we may see another drop for ADA to the Ascending Triangle Upwards Trend-Line (Upwards Dashed Line), in which case there should be some good opportunities to acquire more ADA at slightly lower price if you are Dollar Cost Averaging (DCA). If you are waiting for full bullish confirmation on this 4hr timeframe to buy more ADA, a good sign will be when the Leading Span A (Senkou Span A) crosses back over the Leading Span B (Senkou Span B) creating a Cloud (Kumo) Twist into a new Green Bullish Cloud.
I hope this is helpful with your Trading and Hodl-ing.
ADA, the third generation of crypto!ADA has destroyed the meaning of slow steady gains. I first noticed ADA in october and decided to buy in. A few days after it went on a bull run from 400-->700 but ADA crashed on bittrex and this destroyed the bullish momentum. Since then, I've always kept my eyes on ADA because I knew it had potential to rise. I believe ADA will be a coin to watch in 2018 because of what they are trying to accomplish. They're not dubbed the third generation of crypto for no reason.
ADA exploded from a mere 300-400sats to 1.6k sats within 2 days, but it did not stop there. It had a 70% retracement which brought it to a low of high 500s sats which was followed by another explosive run climbing all the way up to 3.2k sats! This latest retracement was only about 35%, which shows the market supports this new level of ADA's pricing. The lower the sell off, the higher the next run can possibly go. With the market's support at this new price, I expect ADA to have another massive run for the last and final wave of Elliot's theory. Since we are venturing into uncharted territory, it is hard to say which will be support for ADA on its way up. However, I do believe that at worst, ADA will 2x which will lead us to be at around 6k sats but based on the first two runs (which yielded a whooping 400%+ gain)... ADA has the potential to gain up to 400% or more for this last run. That is why I will be eyeing two different targets that are vastly apart.
ADA is showing multiple bullish signs. RSI is trending upward, MACD is also showing upward trend and there is an increase of volume to support such a movement.
My first target price (conservative): 6000 sats
My second target price based on previous bullish run: 12k sats
Lastly, this is, in no shape or form, investment advice. This is just my take on ADA.
ADA - 1D chart updateADA 1D chart update using the Ichimoku Cloud 20,60,120,30 settings:
The Ichimoku Cloud Lagging Span (Tenkan Sen) is indicating that the mid point of the short-term momentum is upwards.
The Ichimoku Cloud Base Line (Kijun Sen) is indicating that the mid point of the mid-term momentum is sideways.
The Ichmoku Cloud Lagging Span (Chikou Span) is indicating that momentum is upwards at the moment. Note that the lagging Span (Chikou Span) is safely above the Price from 30 Periods ago.
ADA is still safely in the Bullish Zone of the Ichimoku cloud. Note that we have had a Cloud (Kumo) Twist into a new Bullish Green Cloud for this 1D timeframe. For the Ichinoku Cloud System, this Cloud (Kumo) Twist is FULL Bullish Confirmation for this 1D timeframe.
ADA is still above the Bollinger Bands Middle Band Basis 20 Period SMA. After such a big rise, a re-tracement back to the BB Middle Band shouldn’t come as a surprise if it happens. Note that the Lower BB is moving upwards indicating we may see some consolidation or a potential dip to the VPVR POC.
ADA is below its Least Squares Moving Average (LSMA) a close below this level is a potential SELL signal for traders who use this indicator.
ADA is still safely above its 50EMA for this 1D timeframe.
For your viewing pleasure, I have added various potential support zones.
Note that the last 3 daily Volume Bars have closed above its Volume 20 Period Moving Average, we still have a few hours left to see if this daily Volume Bar closes above or below the volume 20 Period Moving Average and whether it closes Positive (Green) or Negative (Red).
Note that ADA is still above its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range i have selected.
Note that ADA is still above its Volume Profile Visible Range Point of Control (VPVR POC) for this charts visible range.
The Average Direction Index (ADX DI) is indicating the trend strength is very strong with the ADX (Orange Line) at 60.16 above its 9 Period EMA (Black Line) which is at 54.99. The +DI (Green Line) has dipped to 29.82 but note that the -DI (Red Line) has also dipped to 4.72, this indicates that while Positive Momentum has dropped, so has Negative Momentum. This is a good thing and indicates that while Positive Momentum weakened, Negative Momentum has also weakened slightly for this 1D timeframe.
If we close this daily candle BELOW the LSMA then we may see a further drop into the 1st potential support zone area and the VPFR POC, alternatively, depending on what BTC does, ADA could consolidate & range sideways within a range above the VPFR POC. If ADA does drop to the Conversion Line (Tenkan Sen) or the Bollinger Bands Middle Band Basis then those could be good levels to acquire more ADA at a cheaper price.
I’m just posting this for the ADA 1D timeframe but you can easily apply these indicators to higher timeframes to enable to to pre-empt any potential upwards or downwards movement on the lower timeframes.
I hope this is helpful with your trading and hodl-ing.
ADA - And the Technicolour Dream Coat ChartADA is still looking great for the longterm and ADA is still in the Ichimoku Cloud Bullish Zone for this timeframe.
If we look at the Daily Chart for ADA, we can see that ADA is still above its 50EMA and has finished yesterdays candle in the green.
ADA has also found support from its lower Yellow Pitchfork Support Line.
For this timeframe, ADA is below its Ichimoku Cloud Conversion Line (Tenkan Sen) and Bollinger Bands Middle Band Basis which we need to cross back over.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating momentum is upwards at the moment. I have left the RSI of this chart, but at the moment it is also showing momentum is upwards as well.
At the moment, ADA is trying to make it back over its Volume Point of Control (POC).
The ADX DI SMA is indicating ADA is still in an uptrend but the trend strength has weakened with the +DI (Green Line) which is at 14.1 & still above its -DI (Red Line) which is at 11.8. The ADX (Yellow Line) is at 23.4 but slightly under its 10 Period SMA (Black Line) which is at 25. Trend strength weakening is normal with sideways trading.
The Bollinger Bands are indicating we are still in sideways trading, because remember that sideways ranging is done within a range and not at a constant level.
We need to close a daily candle back above the Bollinger Bands Middle Band Basis and then the Conversion Line (Tenkan Sen). If we close back above those levels then ADA will be primed for another attempt to get back above the Pitchfork Median Line especially if we close above our Volume Point of Control (POC).
If you watched the Cardano360 event yesterday, you would have learned about their plans for the rollout of Smart Contracts with the Alonzo Roadmap. Cardano is certainly primed to be a giant player in the blockchain space, it's pretty obvious to see that as the months go by, DeFi use cases Cryptos like Cardano ADA will really start to outshine some older, lesser "store value only" cryptos. Even if you’re a BTC maxi, ADA should definitely be in your longterm portfolio........ And VET 💪.
I hope you have found this helpful with your trading and hodl-ing. Cheers 👍🔥🚀🌔🪐
ADA - 1 Day Chart updateADA is below its Bollinger Bands Middle Band Basis 20 Period SMA for this 1d timeframe. Note that we have had expansion of the Upper and Lower Bollinger Bands and this volatility is on the downside.
At the moment, ADA is back above its Lower Bollinger Band but note that ADA is still getting downwards pressure at the moment.
ADA is below its Least Squares Moving Average (LSMA) for this 1d timeframe. A close below the LSMA is a potential sell signal for this indicator.
Using the Ichimoku settings of 20,60,120,30 but note I’m only using the cloud portion, you can see that ADA is underneath the Ichimoku Cloud and in the Bearish Zone on this 1d timeframe. It looks as though we will see the Leading Span A (Senkou Span A) cross back UNDER the Leading Span B (Senkou Span B) creating a Cloud (Kumo) Twist into a new red bearish cloud on this 1d timeframe.
ADA is below its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range of 8 Daily candles that I’ve selected.
ADA is below its Volume Profile Visible Range Point of Control (VPVR POC) for this charts visible range.
Overall Volume is still very low on this Binance chart and today’s Volume Bar looks like it will close under its Volume 20 Period Moving Average (Orange Line).
The Average Directional Index (ADX DI) is indicating a weak trend strength with the ADX (Orange Line) at 17.54 below the 20 Base Line and below its 9 Period EMA (Black Line) which is at 18.65. Note that the ADX (Orange Line) has risen slightly. The +DI (Green Line) has dropped to 11.07 and is below its -DI (Red Line) which is at 18.45. Note that the -DI (Red Line) has dropped slightly but the +DI (Green Line) is still dropping, this tells me that Negative Momentum is stronger than Positive Momentum on this 1d timeframe.
The OnBalanceVolume (OBV) is showing momentum is downwards and notice that the OBV (Blue Line) is now underneath its 9 Period EMA (Orange Line) which is a big sign of strength for negative momentum for this 1d timeframe.
I would not get excited unless ADA crosses and CLOSES back ABOVE the Descending Trend-line (Descending Dashed Line) which would take it back into the Bullish Zone of the Ichimoku Cloud system. But ADA needs to cross & CLOSE back ABOVE its BB Middle Band Basis 20 Period SMA, LSMA, Leading Span B (Senkou Span B) and Leading Span A (Senkou Span A) resistance levels and also turn them into strong support.
If ADA crosses and closes BELOW the Ascending Trend-line (Ascending Dashed Line) then a further bigger drop is possible.
I hope this is helpful with your trading and hodl-ing.
Notes:
Bollinger Bands = Grey Bands on chart
LSMA = Black squiggly line on chart
VPFR POC = Short horizontal red line on chart
VPVR POC = Long horizontal red line on chart
Trend-lines = Ascending & Descending dashed black lines.
ADA Pulls Off Monthly High As Price Forms Descending Channel-ADA is still up 25% over the last week
-Price has formed a descending channel formation
-60MA is a potential bounce zone
Cardano has had an amazing month as prices rose over 70% since the 1st of August. After such a strong push, ADA has started to retrace off near ATHs. BTC & ETH stayed steady the last few days which allowed many alt coins to go parabolic. Since then, the overall market has started to retrace after nearly 30 days of up-trending. The current retracement is very healthy and was completely expected as it will allow the market to regain strength for its next potential leg that can push higher.
Over the past few days, ADA has been respecting a descending channel. This may be a potential bull flag formation and it would activate once the top trend line breaks. At the time of writing, Cardano must break & hold its minor resistance zone found at $1.97-$2.02. If bulls manage to pull this off, ADA will surge to its next resistance found at $2.11. If this level gets cleared, the most important zone to clear for a new high is the major resistance zone from $2.19-$2.24. ADA will then move to its given targets.
At the time of writing, ADA just wicked off of its major support zone. This zone is found from $1.85-$1.89 and is a strong bounce zone . Along with this support zone lies the bottom trend line of the descending channel which has acted as a support in the past. In addition to these two marks lies the 60MA. This MA has held as support for nearly 3 weeks & it can be used as a good gauge to determine whether ADA is in an uptrend or not. Breaking below these three marks will send ADA back down to $1.77-$1.67.
While looking at the Stochastic RSI, we can see how it has been coiling within the oversold region. This is a usual pattern seen before a stronger bounce occurs. As long as strength can push above the 20 value, we should expect ADA to continue its bounce. The regular RSI has been falling for nearly 4 days and it has formed a hidden bullish divergence. Once strength breaks above the 50 value, we can expect Cardano to push back to its minor resistance zone.
ADA Intraday Analysis
Spot rate: $1.94
Trend: Bullish
Volatility: High
Support: $1.89
Resistance: $1.97
ADA BREAKOUT VERY LIKELY COMING SOON!ADA has once again formed A SOLID SUPPORT BASE PATTERN and these are the patterns you want to see before a breakout!
I would say this is an EXCELLENT BUY/LONG opportunity with very low risk!
LETS TALK FUNDAMENTALS- I know Cardano gets a LOT of shade in the media and gets "thrown under the bus a lot" and the MAIN REASON FOR THIS is because HOW LONG ADA HAS BEEN AROUND and has JUST NOW released smart contracts while other cryptocurrencies have done it much sooner and faster! HOWEVER, THINKING THIS WAY will cause you to loose the real scope of the situation here. So CARDANO is founded by Charles Hoskinson, a mathmatician who also helped co-found ETHERIUM! Charles foresaw problems with ETH and BTC that would arise in the future such as CLEAN ENERGY, and SECURITY! The code used for ADAs network I've heard is of the highest security which LETS FACE IT, If you want INSTITUTIONAL INVESTORS for A Decentralized Finance application, YOU NEED SECURITY! This extra security accounts for lower TPS (transactions per second). The rest of CARDANO's team is also made of very highly regarded scientists and people! This provides some TRUST to investors! Cardano brands itself as a 3RD GEN Blockchain network, where as ETH is a 2ND and BTC a 1st! Personally I DONT MIND the extra time spent. Similar to laying a FIRM FOUNDATION FOR A HOUSE to make sure it is STRONG! I think the timing was just right!
Also, the fact that ADA has been around for a long time and LASTED THROUGH CRYPTO "winters" shows that the COMMITMENT IS THERE and AGAIN PROVIDES TRUST. These BASE PATTERNS ADA has been forming also SHOW STABILITY!
This is very important to big investors! There is so much more you could read about ADA and learn about it BUT I THINK THESE IDEAS I EXPLAINED HERE will be MAJOR DECIDING FACTORS for investors! ADA already has at least 2 FORTUNE 500 Companies partnered with such as DISH NETWORK! It has deals with GOVERNMENTS! It really is SETTING THE STANDARD I think and to be BEARISHLY BIASED would be a mistake here! The ADA community is STRONG with a very high amount of coins STAKED on the network because people BELIEVE IN IT! This again PROVIDES STABILITY!
One thing is for sure, when ADA PUMPS, IT'S GOING TO PUMP HARD!
ADA - 1d chart updateADA is still in a Descending Triangle on the Daily Chart. Note that a descending triangle is a bearish pattern.
ADA needs to break back above the descending trend-line for renewed upwards momentum.
ADA is fighing to stay above its Bollinger Bands Middle Band Basis 20 Period SMA.
ADA is back above its Least Squares Moving Average (LSMA) for this 1d timeframe. A candle above the LSMA is considered a buy signal for traders who use this indicator.
Today’s Binance Volume is lower than yesterday’s and note that the Volume Bar is back under its Volume 20 Period Moving Average.
ADA is still below its Volume Profile Visible Range Point of Control (VPVR POC) for this charts visible range.
ADA is back above its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range of 5 daily candles i have selected.
If we look at the On Balance Volume (OBV) the OBV (Blue Line) has increased but note that it is still under its 9 Period EMA (Orange Line). If you are waiting for confirmation of renewed upwards momentum then you need the OBV (Blue Line) to cross back above the 9 Period EMA (Orange Line) and stay above.
The Average Directional Index (ADX DI) is indicating the trend strength has dropped with the ADX (Orange Line) at 29.83 still below its 9 Period EMA (Black Line) which is at 32.67. The -DI (Red Line) has dropped to 17.92 and the +DI (Green Line) has dropped to 13.18. This tells me that both Negative Momentum and Positive Momentum has dropped and that the trend strength is still uncertain until the ADX (Orange Line) crosses back above the 9 Period EMA (Black Line) on the id timeframe.
The Moving Average Convergence Divergence (MACD) is indicating ADA still has a while to go on this 1d timeframe before we see the MACD Line (Blue Line) cross back over the Signal Line (Orange Line). Note that we do have lessoning Histograms but note that the MACD Line (Blue Line) is still under the 0.0 Base Line in the Negative Zone.
The Descending Trend-Line of the Descending Triangle is a major resistance level. I wouldn’t get excited until ADA crosses and CLOSESs a daily candle ABOVE this level, and unless the OBV (Blue Line) crosses back above the 9 Period EMA (Orange Line) on this 1d timeframe, then ADA will continue to create Lower Highs.
I hope this is helpful with your trading and hodl-ing.
Notes:
Descending Triangle = Dashed Lines on Chart
LSMA = Black Squiggly Line on Chart
Bollinger Bands = Grey Bands on Chart
VPVR POC = Long Horizontal Red Line on Chart
VPFR POC = Short Horizontal red Line on Chart
Volume = Red and Green Bars bottom of Chart.
Volume MA = Orange Line going through Volume Bars bottom of Chart.
