Cardano (ADA) Potential Movement
Updated
After the March 1 Mary hard fork ADA saw a pretty sharp downward trend for a few days with a little bit of a pull-back/range, then downward again. It looks like ADA could break either direction with the 1.025 area being the first point of support. If it breaks the 1.025 area it will be followed by a pretty wide potential support block between 0.84-0.95 at a 17 and a 9 period Kihon Suchi area.
If there is a reversal around 1.025 (or even prior to that) we could see movement upwards again toward the initial resistance point of 1.30-1.32 as with the fork. If it can break 1.2 and 1.32 resistance we could see some consolidation at 1.5 with possible movement upwards of 1.7 at a 9 period Kihon Suchi or even $2 not far beyond that.
If ADA continues downward past the 1.025 mark into the 0.84-0.95 range, there is potential to bounce back and continue the trend mentioned above at later time periods or go beyond that with the next real support being at the bottom.
As always, comments and ideas are welcome!
This information is not trading advice, only my personal opinion on potential market movements, and is for educational purposes only.
ADAUSDT
If there is a reversal around 1.025 (or even prior to that) we could see movement upwards again toward the initial resistance point of 1.30-1.32 as with the fork. If it can break 1.2 and 1.32 resistance we could see some consolidation at 1.5 with possible movement upwards of 1.7 at a 9 period Kihon Suchi or even $2 not far beyond that.
If ADA continues downward past the 1.025 mark into the 0.84-0.95 range, there is potential to bounce back and continue the trend mentioned above at later time periods or go beyond that with the next real support being at the bottom.
As always, comments and ideas are welcome!
This information is not trading advice, only my personal opinion on potential market movements, and is for educational purposes only.
ADAUSDTNote
Broke that 1.32 mark, now looking for the rebound.Note
The candle closed after breaking 1.32 and now ADA is at the 1.2 support. If this doesn't hold we could see some somewhat weak support around 1.12 prior to the more solidified support near 1.0 even. If 1.2 holds overnight we could see ADA move back upwards towards the original 1.5 area at or near the same time frame originally indicated before more consolidation.
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