CardanoUpdated ADA/USD - Sideways this week 1.25-1.37, new ATH in June
Hi friends!
Until the first week of June, I will be posting less often because I will be traveling a lot. I will keep an eye on the indicators and post updates as I can and when there are notable changes in trends and prices.
In today's video I look at the price action for the rest of this week and and update on the end of ADA's consolidation and the start of the next leg up.
Summary:
Buy Zones:
Below 1.30 - acceptable
1.25-1.30 - good
1.20-1.25 - very good
Below 1.20 - excellent
Good luck and good fortune!
Until the first week of June, I will be posting less often because I will be traveling a lot. I will keep an eye on the indicators and post updates as I can and when there are notable changes in trends and prices.
In today's video I look at the price action for the rest of this week and and update on the end of ADA's consolidation and the start of the next leg up.
Summary:
- Rest of this week prices likely to be range-bound between 1.25 and 1.37
- Correction to 1.03 still possible, but less like now ADA has been holding the 1.34 Fibonacci support level for several days
- Sideways or gradual stepup in prices rest of May
- New ATH's not likely before end of May/early June
- Consider entries at buy zones below
Buy Zones:
Below 1.30 - acceptable
1.25-1.30 - good
1.20-1.25 - very good
Below 1.20 - excellent
Good luck and good fortune!
Note
Update 1: Today ADA/USD has been trying to break the $1.40 resistance level. Thus far it has not been able to do so, and it looks unlikely to do so today. Looking at the near-term charts, ADA is poised for upward momentum, but breaking through 1.40 and staying above will not be easy this week unless BTC breaks above 60k and carries the rest of the market higher.The next leg up occurring in the beginning of June is looking stronger each day. Prices may slowly step up the rest of this month rather than a sideways to exponential move. Investors should consider accumulating on the dips in the event that prices slowly move up.
As always, be sure to manage your risk. A June leg up and price targets of $3+ are not guaranteed.
Note
Update 2: ADA managed to break through the 1.40 resistance level. There appears to be enough upward momentum now to carry prices higher. Upward momentum looks to last through most of the rest of this trading day. Next levels to look for will be the 1.44 fib/1.45 level, then 1.47 and 1.53.From the current charts this appears to be an impulse move and not yet a sustained upward move. Bear this in mind, as a correction back to 1.30 could follow this move up.
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Related publications
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.