ADA/USD May 1-12, 1.34 must hold, else drop to 1.00 or lower
Hello friends!
It is May 1, and sadly there is no indication of a breakout to $2 or $3.
Today we have many new candles (2D though 6D, and 10D, 12D, etc.). With these we can see that ADA/USD is at a crossroads in the first half of May.
TA of the indicators suggests that there are two sets of trends in motion, and which will play out depends on price action in the next few days.
Near-term (2-4 days) - Indicators are mixed, suggesting sideways action, but with potential to rally and challenge the 1.44 Fibonacci level.
Mid-term (4 to 10 days) - The downtrend that has prevailed for the past 2 months is still in command and reaching key levels that, if crossed, are likely to result in a correction to 1.00 or below and further delay the next leg up to new ATH's.
ADA needs to hold the 1.34 level and rally higher in the next several days in order to avoid another correction. If a correction is avoided, prices can be expected to bounce and may be the start of the next leg up. If this level is not held, then prices are likely to again drop to the 1.00 level and stay low for 1-2 weeks. The next few days will determine which way ADA will go.
Of course, it goes without saying that broader market conditions (e.g., new BTC ATH), events, and changes in fundamentals (e.g., Alonzo hard fork) could impact these scenarios.
Good luck and good fortune!
It is May 1, and sadly there is no indication of a breakout to $2 or $3.
Today we have many new candles (2D though 6D, and 10D, 12D, etc.). With these we can see that ADA/USD is at a crossroads in the first half of May.
TA of the indicators suggests that there are two sets of trends in motion, and which will play out depends on price action in the next few days.
Near-term (2-4 days) - Indicators are mixed, suggesting sideways action, but with potential to rally and challenge the 1.44 Fibonacci level.
Mid-term (4 to 10 days) - The downtrend that has prevailed for the past 2 months is still in command and reaching key levels that, if crossed, are likely to result in a correction to 1.00 or below and further delay the next leg up to new ATH's.
ADA needs to hold the 1.34 level and rally higher in the next several days in order to avoid another correction. If a correction is avoided, prices can be expected to bounce and may be the start of the next leg up. If this level is not held, then prices are likely to again drop to the 1.00 level and stay low for 1-2 weeks. The next few days will determine which way ADA will go.
Of course, it goes without saying that broader market conditions (e.g., new BTC ATH), events, and changes in fundamentals (e.g., Alonzo hard fork) could impact these scenarios.
Good luck and good fortune!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.