A lot of people have began to lose hope after ADA failed to hold the all time high and created a double top. These past few days I have not seen any bullish price action from this coin. However Things might be about to change in the technicals. ADA appears to be creating a possible inverse head and shoulders pattern after a weak rally off of 1.08USD and a higher low at 1.098USD. A break of the neckline at 1.155USD and hourly closes above could bring ADA back above the major resistance at 1.18USD. The measured move from the head to the neckline is 1.23USD. A move up to 1.23USD would bring us just below the 0.5 fib retracement level, measured from the high at 1.47USD to the low at 0.98USD. I'll be monitoring how this plays out.
Note
Obviously this didn't play out however here is a possible double bottom on the 2 hr chart
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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.