ADA/USD April 28 - Sideways and lower
Hello friends! There was no update yesterday. Yesterday saw prices across the crypto market rally and BTC regain 53k, giving the bulls control. Importantly, ADA broke above the 50 MA (at 1.21) and were able to hold it during the day. This was a positive sign that there is strength in the ADA market, maybe enough to avoid another major correction.
Today's price action is corrective after yesterday's rally. After bouncing off the 1.35 resistance level, prices fell to 1.23. There is a strong chance of a test of the 1.20 region and a risk of drop to lower prices later in the week.
This is technical analysis and does not consider fundamentals and events, which can override TA. On April 29, we can expect volatility from the Cardano event, but TA does not tell us if sentiment is built in to the current price rally or will trigger a rally (or even correction). Direction of price movement and magnitude should not be assumed when considering these events. For example, the surprise March 27 Cardano event came after a rally similar to what ADA experienced yesterday, but prices were down for the day after the event.
Intraday
Summary: Test of 1.20 price region likely, but generally between 1.25 and 1.35
6H - Green EMA has dropped sharply below the RSI. White EMA is below level 50 and RSI and LSMA have turned down. If the current 6H closes with the green EMA at/below level 50, it is probable that prices will go to the yellow basis (around 1.20 in the next candle)
12H - Green and white EMA's have started to descend. LSMA is still below level 50, though LSMA and RSI are rising. This suggests prices staying around the 1.27 level (upper white B-band) in the current candle, but with downward momentum will likely fall further in the second half of the day.
1D - Green EMA is lower than the white EMA, so no higher highs. Indicators are still rising, but flattening out. RSI and LSMA are near level 50, but still below. This suggests that prices want to remain high (1.25 to 1.35 region) - sideways with some volatility during the day.
Multiday (1-5 days)
Summary: Prices ranging between 1.18 and 1.31, but there is a risk of a retest of lower levels if the market sours in the next several days.
2D (15 hours left) - Green has crosssed above other indicators and above level 50, showing upward momentum despite RSI continuing to descend below level 50. Prices likely to range around the yellow basis line of 1.23 and up to the upper white B-band, 1.31.
3D (2 days left) - Green has crosssed above other indicators and above level 50, showing upward momentum. RSI and LSMA are flattening around level 50, but still down. Prices likely to range around the yellow basis line of 1.21 and up to the upper white B-band, 1.31.
4D (3 days left) - Green and white EMAs hav sharply turned upward, while the RSI and LSMA continue their descent to level 50. Prices are likely to be around the yellow basis line of 1.18, but could range up to the upper white B-Band at 1.31 if upward pressure persists.
5D (3 days left) - Green EMA has flattened out while all other indicators continue down. Price action likely to be sideways between the yellow basis line (1.03) and upper white B-band (1.35) with 1.18 or 1.20 being a likely center point for now.
This week
Summary: All indicators are down in longer timeframes, but the 1W is showing signs of upward pressure with the green EMA on the rise. Despite this, downward momentum prevails in all timeframes. Prices are likely to remain under the 1.34 level (other than a possible wick above) but could range down to the upper white B-bands (1.00 to 1.06) in the 11D and 2W or nearer to the yellow basis in the 1W
Good luck and good fortune!
Today's price action is corrective after yesterday's rally. After bouncing off the 1.35 resistance level, prices fell to 1.23. There is a strong chance of a test of the 1.20 region and a risk of drop to lower prices later in the week.
This is technical analysis and does not consider fundamentals and events, which can override TA. On April 29, we can expect volatility from the Cardano event, but TA does not tell us if sentiment is built in to the current price rally or will trigger a rally (or even correction). Direction of price movement and magnitude should not be assumed when considering these events. For example, the surprise March 27 Cardano event came after a rally similar to what ADA experienced yesterday, but prices were down for the day after the event.
Intraday
Summary: Test of 1.20 price region likely, but generally between 1.25 and 1.35
6H - Green EMA has dropped sharply below the RSI. White EMA is below level 50 and RSI and LSMA have turned down. If the current 6H closes with the green EMA at/below level 50, it is probable that prices will go to the yellow basis (around 1.20 in the next candle)
12H - Green and white EMA's have started to descend. LSMA is still below level 50, though LSMA and RSI are rising. This suggests prices staying around the 1.27 level (upper white B-band) in the current candle, but with downward momentum will likely fall further in the second half of the day.
1D - Green EMA is lower than the white EMA, so no higher highs. Indicators are still rising, but flattening out. RSI and LSMA are near level 50, but still below. This suggests that prices want to remain high (1.25 to 1.35 region) - sideways with some volatility during the day.
Multiday (1-5 days)
Summary: Prices ranging between 1.18 and 1.31, but there is a risk of a retest of lower levels if the market sours in the next several days.
2D (15 hours left) - Green has crosssed above other indicators and above level 50, showing upward momentum despite RSI continuing to descend below level 50. Prices likely to range around the yellow basis line of 1.23 and up to the upper white B-band, 1.31.
3D (2 days left) - Green has crosssed above other indicators and above level 50, showing upward momentum. RSI and LSMA are flattening around level 50, but still down. Prices likely to range around the yellow basis line of 1.21 and up to the upper white B-band, 1.31.
4D (3 days left) - Green and white EMAs hav sharply turned upward, while the RSI and LSMA continue their descent to level 50. Prices are likely to be around the yellow basis line of 1.18, but could range up to the upper white B-Band at 1.31 if upward pressure persists.
5D (3 days left) - Green EMA has flattened out while all other indicators continue down. Price action likely to be sideways between the yellow basis line (1.03) and upper white B-band (1.35) with 1.18 or 1.20 being a likely center point for now.
This week
Summary: All indicators are down in longer timeframes, but the 1W is showing signs of upward pressure with the green EMA on the rise. Despite this, downward momentum prevails in all timeframes. Prices are likely to remain under the 1.34 level (other than a possible wick above) but could range down to the upper white B-bands (1.00 to 1.06) in the 11D and 2W or nearer to the yellow basis in the 1W
Good luck and good fortune!
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.