ADA - Lets look at the weekly
ADA a look at the Longterm weekly chart
ADA is back above its Bollinger Bands Middle Band Basis 20 Period SMA on this 1W timeframe. Note that the Lower Band has fully contracted upwards & the direction of the Upper and Lower Bands is now sideways for this 1W timeframe.
ADA is well above its 50EMA for this 1W timeframe.
ADA is still safely above its Pitchfork (A,B,C) Median Line. Worthy of note is the fact that ADA has NOT closed a Weekly Candle Below its Upper Yellow Pitchfork Support Line for 21 weeks in a row.
Notice that Volume is still relatively low for this 1W timeframe with the Volume Bar still below its Volume 20 Period Moving Average. Note that the Volume MA is also dropping because of the drop in weekly volume.
The Moving Average Convergence Divergence (MACD) is showing the MACD Line (Blue Line) is still below the Signal Line (Orange Line) and has created 4 Red Histograms so far. Note that the MACD is a momentum and trend indicator so the MACD level can drop with prolonged sideways momentum as we are seeing here. Note that the MACD Line (Blue Line) is still in in the positive zone above the 0.0 Base Line. We do not want the MACD Line to cross under the 0.0 Base Level on this 1W timeframe. If it did do that, it would mean a 12 Period EMA has crossed under a 26 Period EMA on the 1W timeframe which we absolutely do not want to happen, unless your short-selling.
The Average Directional Index (ADX DI) is showing the trend strength has dropped with the ADX (Yellow Line) at 55.56 below its 9 Period EMA (White Line) which is at 63.45. The +DI (Green Line) is at 20.39 and still above its -DI (Red Line) which is at 13.91. Note that the +DI (Green Line) and -DI (Red Line) is showing overall positive and negative momentum is sideways with a slight slope to the downside. This is showing me that Positive Momentum is still stronger than Negative Momentum on the 1W timeframe.
The Chaikin Money Flow (CMF) is showing that accumulation has dropped with the CMF Line (Green Line) at 0.06 still in the accumulation zone but under its Least Squares Moving Average (LSMA) (Blue Line) which is at 0.14. We do not want the CMF (Green Line) to cross over into the Distribution Zone on the 1W timeframe.
The Relative Strength Index (RSI) is indicating momentum is downwards at the moment so i would say “sideways within a range”. Note the RSI (Purple Line) is showing upwards weakness by being below its 9 Period EMA (Yellow Line).
Looking at the Ichimoku cloud for this 1W timeframe:
ADA is still in the Bullish Zone of the Ichimoku Cloud.
ADA is still above its Base Line (Kijun Sen).
The Conversion Line (Tenkan Sen) is indicating the mid point of the short-term momentum is upwards.
The Base Line (Kijun Sen) is indicating the mid point of the mid-term momentum is sideways.
The Lagging Span (Chikou Span) is indicating momentum has a light slope downwards so more like sideways within a range.
Note that the Cloud (Kumo) is still Bullish Green for this 1W timeframe.
Settings used for the Ichimoku Cloud = 20, 60, 120, 30.
So during this downtrend, can ADA drop more…… well yeh of course it’s always a possibility especially if BTC takes another nose dive. But as we have seen during this downtrend, ADA has shown superior recovery strength when compared to most other major crypto assets. With the advent of smart contracts on the horizon and the future prospects of the various Africa deals finally being put in motion, from my perspective, even if you are a BTC or Ethereum maxi, it shouldn’t really matter, so ADA should be in everyones longterm portfolio. Also, if your not actually trading ADA, then just stake it for an easy monthly passive income. From my perspective, the future look extremely bright for ADA.
Don’t know why I decided to do this mammoth post, but here it is, so I hope this is helpful with your trading and hold-ing. :-)
ADA is back above its Bollinger Bands Middle Band Basis 20 Period SMA on this 1W timeframe. Note that the Lower Band has fully contracted upwards & the direction of the Upper and Lower Bands is now sideways for this 1W timeframe.
ADA is well above its 50EMA for this 1W timeframe.
ADA is still safely above its Pitchfork (A,B,C) Median Line. Worthy of note is the fact that ADA has NOT closed a Weekly Candle Below its Upper Yellow Pitchfork Support Line for 21 weeks in a row.
Notice that Volume is still relatively low for this 1W timeframe with the Volume Bar still below its Volume 20 Period Moving Average. Note that the Volume MA is also dropping because of the drop in weekly volume.
The Moving Average Convergence Divergence (MACD) is showing the MACD Line (Blue Line) is still below the Signal Line (Orange Line) and has created 4 Red Histograms so far. Note that the MACD is a momentum and trend indicator so the MACD level can drop with prolonged sideways momentum as we are seeing here. Note that the MACD Line (Blue Line) is still in in the positive zone above the 0.0 Base Line. We do not want the MACD Line to cross under the 0.0 Base Level on this 1W timeframe. If it did do that, it would mean a 12 Period EMA has crossed under a 26 Period EMA on the 1W timeframe which we absolutely do not want to happen, unless your short-selling.
The Average Directional Index (ADX DI) is showing the trend strength has dropped with the ADX (Yellow Line) at 55.56 below its 9 Period EMA (White Line) which is at 63.45. The +DI (Green Line) is at 20.39 and still above its -DI (Red Line) which is at 13.91. Note that the +DI (Green Line) and -DI (Red Line) is showing overall positive and negative momentum is sideways with a slight slope to the downside. This is showing me that Positive Momentum is still stronger than Negative Momentum on the 1W timeframe.
The Chaikin Money Flow (CMF) is showing that accumulation has dropped with the CMF Line (Green Line) at 0.06 still in the accumulation zone but under its Least Squares Moving Average (LSMA) (Blue Line) which is at 0.14. We do not want the CMF (Green Line) to cross over into the Distribution Zone on the 1W timeframe.
The Relative Strength Index (RSI) is indicating momentum is downwards at the moment so i would say “sideways within a range”. Note the RSI (Purple Line) is showing upwards weakness by being below its 9 Period EMA (Yellow Line).
Looking at the Ichimoku cloud for this 1W timeframe:
ADA is still in the Bullish Zone of the Ichimoku Cloud.
ADA is still above its Base Line (Kijun Sen).
The Conversion Line (Tenkan Sen) is indicating the mid point of the short-term momentum is upwards.
The Base Line (Kijun Sen) is indicating the mid point of the mid-term momentum is sideways.
The Lagging Span (Chikou Span) is indicating momentum has a light slope downwards so more like sideways within a range.
Note that the Cloud (Kumo) is still Bullish Green for this 1W timeframe.
Settings used for the Ichimoku Cloud = 20, 60, 120, 30.
So during this downtrend, can ADA drop more…… well yeh of course it’s always a possibility especially if BTC takes another nose dive. But as we have seen during this downtrend, ADA has shown superior recovery strength when compared to most other major crypto assets. With the advent of smart contracts on the horizon and the future prospects of the various Africa deals finally being put in motion, from my perspective, even if you are a BTC or Ethereum maxi, it shouldn’t really matter, so ADA should be in everyones longterm portfolio. Also, if your not actually trading ADA, then just stake it for an easy monthly passive income. From my perspective, the future look extremely bright for ADA.
Don’t know why I decided to do this mammoth post, but here it is, so I hope this is helpful with your trading and hold-ing. :-)
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