Cardano / TetherUSUpdated ADA/USD April 12 - 1.31+ possible, but no breakout yet
As forecast, yesterday ADA/USD rallied to 1.25+ reaching almost 1.29, just as it did on April 6th. Cardano founder Charles Hoskinson's update on operations and the ADA roadmap excited investors. Prices could not reach the top of the current price channel at the 1.34 fibonnaci level, but ADA finally had some interesting price action.
Let's look at the next 24 hours to see if a breakout is coming. (spoiler: it looks unlikely)
Intraday
Summary: Up to 1.31 possible in range of 1.25 to 1.31 (could wick to 1.34). Breakout above 1.34 not probable within this 24 hours without broader crypto rally or change in fundamentals or news.
90m - Green EMA has crossed below blue LSMA and red RSI, reversing the upward trend. If RSI is below 80 when green EMA crosses below 50, then prices are likely to go to the yellow basis, 1.235 or near it.
3H - RSI and LSMA are continuing up, but green EMA has turned down. It is possible that it could continue to the right instead of following the white EMA down, which would allow for prices to continue to higher between the upper white and orange B-bands. Otherwise, it is probable that prices will return to the 1.25 region.
6H - Green EMA appears to have topped out and is unlikely to lead to a higher high. Again, the green EMA could stay high while the white EMA drops. That, combined with the rising RSI and LSMA could allow prices to continue higher for another 2-3 candles, but without the B-bands expanding prices will likely stay in the upper aqua to upper orange range (1.257 to 1.283) with a wick above possible.
12H - The 12H shows potential for higher highs. Green EMA is well above the white EMA, while RSI and LSMA are rising. With the rising LSMA comes expanding B-Bands, allowing prices to range more broadly. If RSI and LSMA continue to rise, then the upper orange to upper red B-bands are possible, putting in play prices between 1.283 and 1.31. In fact, there could be a challenge to the 1.34 fib that is the top of the current price channel. However, if prices in lower timeframes correct, then this will reduce the chance of the 12H prices going that high.
1D - The 1-day is looking very similar to the 12H, though the green EMA and RSI are slowing their ascent. Again, 1.31 (and possibly 1.34) is on the table for the day)
Multiday near-term (next 1-4 days)
Summary: Most indicators sideways, upward momentum limited but very low upward pressure and falling volume. Prices could rise to 1.34 and stay in the 1.27 region or slowly fall back to 1.25
2D (24 hours left). Contrary to the 12H and 1D indicating new highs, the 2D is showing sideways action with green EMA, RSI, and LSMA flat, and white EMA falling to right at level 50. This may mean that ADA may not go as high in the next 24 hours as the 12H and 1D suggest, and if they do, it may not last.
3D (also 24 hours left) is more in line with the intraday with higher highs possible similar to April 6th, where prices could go to the upper aqua B-Band, at 1.34 fib.
4D (3 days left) - The green EMA and RSI are touching, but a crossover has not happened, and thus no reversal to the upside yet. Indicators are sideways suggesting prices will stay under the upper white B-band (1.32), perhaps between 1.25 and 1.27.
5D (4 days left) - The green EMA crossed above the RSI signaling upward momentum, but the white EMA is just above 50 and indicators are fairly flat. This suggests that there is low upward pressure - likely not enough to break the 1.34 resistance level. Again, it looks like 1.34 will likely hold, ADA could then bounce off resistance and drift back down to the 1.25 region
I will post a separate idea about the new 1-week and 2-week charts today.
Good luck and good fortune!
Let's look at the next 24 hours to see if a breakout is coming. (spoiler: it looks unlikely)
Intraday
Summary: Up to 1.31 possible in range of 1.25 to 1.31 (could wick to 1.34). Breakout above 1.34 not probable within this 24 hours without broader crypto rally or change in fundamentals or news.
90m - Green EMA has crossed below blue LSMA and red RSI, reversing the upward trend. If RSI is below 80 when green EMA crosses below 50, then prices are likely to go to the yellow basis, 1.235 or near it.
3H - RSI and LSMA are continuing up, but green EMA has turned down. It is possible that it could continue to the right instead of following the white EMA down, which would allow for prices to continue to higher between the upper white and orange B-bands. Otherwise, it is probable that prices will return to the 1.25 region.
6H - Green EMA appears to have topped out and is unlikely to lead to a higher high. Again, the green EMA could stay high while the white EMA drops. That, combined with the rising RSI and LSMA could allow prices to continue higher for another 2-3 candles, but without the B-bands expanding prices will likely stay in the upper aqua to upper orange range (1.257 to 1.283) with a wick above possible.
12H - The 12H shows potential for higher highs. Green EMA is well above the white EMA, while RSI and LSMA are rising. With the rising LSMA comes expanding B-Bands, allowing prices to range more broadly. If RSI and LSMA continue to rise, then the upper orange to upper red B-bands are possible, putting in play prices between 1.283 and 1.31. In fact, there could be a challenge to the 1.34 fib that is the top of the current price channel. However, if prices in lower timeframes correct, then this will reduce the chance of the 12H prices going that high.
1D - The 1-day is looking very similar to the 12H, though the green EMA and RSI are slowing their ascent. Again, 1.31 (and possibly 1.34) is on the table for the day)
Multiday near-term (next 1-4 days)
Summary: Most indicators sideways, upward momentum limited but very low upward pressure and falling volume. Prices could rise to 1.34 and stay in the 1.27 region or slowly fall back to 1.25
2D (24 hours left). Contrary to the 12H and 1D indicating new highs, the 2D is showing sideways action with green EMA, RSI, and LSMA flat, and white EMA falling to right at level 50. This may mean that ADA may not go as high in the next 24 hours as the 12H and 1D suggest, and if they do, it may not last.
3D (also 24 hours left) is more in line with the intraday with higher highs possible similar to April 6th, where prices could go to the upper aqua B-Band, at 1.34 fib.
4D (3 days left) - The green EMA and RSI are touching, but a crossover has not happened, and thus no reversal to the upside yet. Indicators are sideways suggesting prices will stay under the upper white B-band (1.32), perhaps between 1.25 and 1.27.
5D (4 days left) - The green EMA crossed above the RSI signaling upward momentum, but the white EMA is just above 50 and indicators are fairly flat. This suggests that there is low upward pressure - likely not enough to break the 1.34 resistance level. Again, it looks like 1.34 will likely hold, ADA could then bounce off resistance and drift back down to the 1.25 region
I will post a separate idea about the new 1-week and 2-week charts today.
Good luck and good fortune!
Note
Here is the analysis video for the next two weeks:
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.
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.