Cardano (ADA) - 6h. Even a strong beast is weak
For almost 2 weeks, after a powerful fall, the cryptocurrency market has not been able to recover. A prime example of this is the Cardano Project (ADA). This coin proved to be quite strong on the strait. Of course, this market did not escape a powerful wave of decline. A powerful rebound in the price to $2 per day gave a lot of hope to investors in the ADAUSDT market.
However, after this emotional upward movement of the price, the interest and confidence of the buyers plummeted. This is clearly seen in the volumes and the lazy movement of the ADA price over the past 2 weeks. In fact, the price is still moving in a broad consolidation of $1.22-1.9. Our previous idea showed that now buyers have not yet succeeded in building a trend movement.
Sellers easily broke the buying trend and made it clear that at the moment it is not yet clear who dominates the market.
Therefore, we will buy this coin in 3 cases:
1. During an easy test, the mark of $1.5
2.during the test of the black trend line of the triangle in the range of $1.2-1.25
3. After fixing the price above $2
While the price is within the triangle, we can more than once witness a sharp upward or downward impulse of the ADAUSD price without logical explanation and support by volumes. Therefore, in such a situation, we expect critical points and only they make decisions.
To be more convincing, we show you the ADABTC chart:
Such a chart does not at all hint at the strength of the market and should discourage buying this coin at current prices.
________________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!
However, after this emotional upward movement of the price, the interest and confidence of the buyers plummeted. This is clearly seen in the volumes and the lazy movement of the ADA price over the past 2 weeks. In fact, the price is still moving in a broad consolidation of $1.22-1.9. Our previous idea showed that now buyers have not yet succeeded in building a trend movement.
Sellers easily broke the buying trend and made it clear that at the moment it is not yet clear who dominates the market.
Therefore, we will buy this coin in 3 cases:
1. During an easy test, the mark of $1.5
2.during the test of the black trend line of the triangle in the range of $1.2-1.25
3. After fixing the price above $2
While the price is within the triangle, we can more than once witness a sharp upward or downward impulse of the ADAUSD price without logical explanation and support by volumes. Therefore, in such a situation, we expect critical points and only they make decisions.
To be more convincing, we show you the ADABTC chart:
Such a chart does not at all hint at the strength of the market and should discourage buying this coin at current prices.
________________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!
🎁 -20% on ALL trading fees OKX
okx.com/join/20PSTRADE
🔥V-I-P cutt.ly/PwkLhT56
👍Daily bitcoin reviews here💲 cutt.ly/3wnaaG4s
🔵Telegram t.me/pstrade_eng
okx.com/join/20PSTRADE
🔥V-I-P cutt.ly/PwkLhT56
👍Daily bitcoin reviews here💲 cutt.ly/3wnaaG4s
🔵Telegram t.me/pstrade_eng
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.