Short

ADA - That Doesn't Look Too Promising! More Downside Potential A

ADA's recent performance has been very weak. As a result, the token has constantly gotten closer to its bear market low. While ADA currently trades at a level slightly above 30 cents, the bear market's low is only 6 cents away.

In addition, the ADA's long-term chart (1D) doesn't look very promising. On the contrary, the token has been trading in a descending channel since April.

The descending channel is a chart pattern marked by constant lower highs and lower lows (marked with red).

Obviously, this chart pattern is considered highly bearish. As long as ADA cannot a) create a higher high and b) break out of the channel to the top, we can expect continuation and more downside potential.

By the way, in terms of trading, such channels are a blessing :)

ben_walther

I'm Ben. Crypto lover, trader, and coder.

Join my free newsletter for insights and the hottest trade setups every weekday!
newsletter.bencrypto23.com

🔥 For exclusive content: newsletter.bencrypto23.com/exclusive

Also on:

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.

ben_walther

Also on: