ADA: Descending Triangle
Trade setup: Trends are mixed but long-term still appears in an Uptrend with Higher Highs and Higher Lows. It reached $0.80 resistance but got rejected 2x (Double Top pattern – bearish) and pulled back. Now it’s consolidating in a Descending Triangle pattern. We wait for a breakout in either direction. Bullish breakout could see the price revisit $0.80, while a bearish breakout below $0.57 support could be followed by a dip to $0.46 next.
Pattern: Price is trading in a Descending Triangle pattern. Typically, a breakout will occur in the direction of the existing trend.
Trend: Downtrend on Short-Term basis, Neutral on Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $0.57, then $0.46. The nearest Resistance Zone is $0.65 - $0.68, then $0.80.
Pattern: Price is trading in a Descending Triangle pattern. Typically, a breakout will occur in the direction of the existing trend.
Trend: Downtrend on Short-Term basis, Neutral on Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $0.57, then $0.46. The nearest Resistance Zone is $0.65 - $0.68, then $0.80.
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