Possible buy zone for ADA for continuation of the major uptrend
ADA has been storming ahead recently and has reached #5 in the total market cap rankings. It’s now retracing. Buy zone is marked in green and potential targets marked in red.
It previously found support on a previous major resistance trend line, made an impulse up to a high of 9000 sats and has now retraced 78.6% of the last move. It’s found support for now on this fib, supported also by a previous trend line and also the 200 day EMA. From here I’m hoping it continues it’s uptrend to make newer highs.
Alternatively, we could see an upwards bounce wave of complacency before continuing to make an even larger retracement of all the whole recent moves. Will continue to watch this one closely. There’s also always a chance that the current downtrend continues and breaks the current support so make sure you have a solid risk/reward strategy, good money management systems and set sensible stops.
It previously found support on a previous major resistance trend line, made an impulse up to a high of 9000 sats and has now retraced 78.6% of the last move. It’s found support for now on this fib, supported also by a previous trend line and also the 200 day EMA. From here I’m hoping it continues it’s uptrend to make newer highs.
Alternatively, we could see an upwards bounce wave of complacency before continuing to make an even larger retracement of all the whole recent moves. Will continue to watch this one closely. There’s also always a chance that the current downtrend continues and breaks the current support so make sure you have a solid risk/reward strategy, good money management systems and set sensible stops.
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