This is a very simple analysis for a complex and unusual chart.
ADA sits in this horizontal price band that has contained it for much of 2021 and now into '22.
Since the 68% drop there has been plenty of bullish RSI divergence and on the weekly RSI it as it ATL. This may be very significant I think. It may be revealing that this is a pivotal lull area.
Could it be that ADA has been in an accumulative range for most of the year and these 2 large rallies were effectively pre-rally fakeouts? - Maybe... 🤔
Its a big "if", but if it is an accumulation and ADA has another rally, fibs would suggest next rally could get above $5, maybe even $10.
Obviously this depends on BTC, but these alts can make massive pumps on timid BTC bounces.
Not advice.
ADA sits in this horizontal price band that has contained it for much of 2021 and now into '22.
Since the 68% drop there has been plenty of bullish RSI divergence and on the weekly RSI it as it ATL. This may be very significant I think. It may be revealing that this is a pivotal lull area.
Could it be that ADA has been in an accumulative range for most of the year and these 2 large rallies were effectively pre-rally fakeouts? - Maybe... 🤔
Its a big "if", but if it is an accumulation and ADA has another rally, fibs would suggest next rally could get above $5, maybe even $10.
Obviously this depends on BTC, but these alts can make massive pumps on timid BTC bounces.
Not advice.
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