ADA/USD $3+ may be real this time, $4.70 possible June 3-12
Hello friends!
ADA/USD hit a new ATH earlier than expected. This move is having a strong affect on indicators across multiple timeframes, and increasing the likelihood of the next leg up coming sooner and possibly stronger even if we see a retracement in coming days.
David Ward (WyckoffMode), who provides the Phoenix Ascending and Bollinger Bands indicators that I frequently use, suggested in a recent update that ADA/USD could go to 3.62 to 4.65 in early to mid-June. His previous forecast of a potential for >3.00 by May 1 did not play out, but this forecast is looking much stronger.
9-Day Chart
In the next 9D candle (starting May 7), we want to see a few key indications:
1) LSMA is continuing up, expanding B-Bands and raising price ceiling
2) RSI flat or starting to turn up, showing increasing upward momentum and potential for higher prices
3) Green EMA above the RSI, showing a reversal from the current downward pressure
4) White EMA getting much closer to level 50
If these indications play out and hold throughout the next 9D candle, then we can expect a leg up to be highly likely.
A leg up often involves prices in the upper orange to upper red Bollinger bands with wicks above the upper red. If the above conditions play out, then by June 2 the upper orange to upper red bands would be in the 2.80 to 3.56 range, with a wick above taking prices to the 3.80 region. Thus, the 3.62 price target looks quite possible, perhaps even probable. The 4.65 target looks unlikely before mid-June but is still possible.
3-Day Chart
The 3D chart is more susceptible to variance and noise, but is where we see a stronger possibility of a move above 4.00 by June 2.
In this chart, green and white EMA are overlapping on a strong move up, but LSMA and RSI are still quite low, just above level 50. This suggests that current prices are overbought and there will be a correction, but the correction may not be that deep nor last that long. Prices may only go to the 1.44 fib, but a correction to 1.30 region is still possible.
Despite any retracement, it is looking likely that RSI and LSMA will continue to come up in the next few candles. In doing so, B-bands are likely to expand and the price ceiling would rise. That would be a strong setup for a major leg up.
The 3D supports the possibility of the red B-band being in the mid-$4 range. If this were to play out, it is possible that ADA/USD will go that high, if not by June 2, perhaps by mid-June. More likely is prices in the 3.50 to 3.66 range.
The next 6 days will provide much more data to support this forecast and narrow the price targets.
For now, a retracement in the next 24-48 hours is good opportunity to pick up more ADA (but manage your risk and leverage) before the next leg up.
Good luck and good fortune!
ADA/USD hit a new ATH earlier than expected. This move is having a strong affect on indicators across multiple timeframes, and increasing the likelihood of the next leg up coming sooner and possibly stronger even if we see a retracement in coming days.
David Ward (WyckoffMode), who provides the Phoenix Ascending and Bollinger Bands indicators that I frequently use, suggested in a recent update that ADA/USD could go to 3.62 to 4.65 in early to mid-June. His previous forecast of a potential for >3.00 by May 1 did not play out, but this forecast is looking much stronger.
9-Day Chart
In the next 9D candle (starting May 7), we want to see a few key indications:
1) LSMA is continuing up, expanding B-Bands and raising price ceiling
2) RSI flat or starting to turn up, showing increasing upward momentum and potential for higher prices
3) Green EMA above the RSI, showing a reversal from the current downward pressure
4) White EMA getting much closer to level 50
If these indications play out and hold throughout the next 9D candle, then we can expect a leg up to be highly likely.
A leg up often involves prices in the upper orange to upper red Bollinger bands with wicks above the upper red. If the above conditions play out, then by June 2 the upper orange to upper red bands would be in the 2.80 to 3.56 range, with a wick above taking prices to the 3.80 region. Thus, the 3.62 price target looks quite possible, perhaps even probable. The 4.65 target looks unlikely before mid-June but is still possible.
3-Day Chart
The 3D chart is more susceptible to variance and noise, but is where we see a stronger possibility of a move above 4.00 by June 2.
In this chart, green and white EMA are overlapping on a strong move up, but LSMA and RSI are still quite low, just above level 50. This suggests that current prices are overbought and there will be a correction, but the correction may not be that deep nor last that long. Prices may only go to the 1.44 fib, but a correction to 1.30 region is still possible.
Despite any retracement, it is looking likely that RSI and LSMA will continue to come up in the next few candles. In doing so, B-bands are likely to expand and the price ceiling would rise. That would be a strong setup for a major leg up.
The 3D supports the possibility of the red B-band being in the mid-$4 range. If this were to play out, it is possible that ADA/USD will go that high, if not by June 2, perhaps by mid-June. More likely is prices in the 3.50 to 3.66 range.
The next 6 days will provide much more data to support this forecast and narrow the price targets.
For now, a retracement in the next 24-48 hours is good opportunity to pick up more ADA (but manage your risk and leverage) before the next leg up.
Good luck and good fortune!
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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.
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.