ADA-4h. Are buyers ready to continue to grow to $0.6?

19 de jan. de 2021

Due to the slowdown of the BTC price and the decrease in trading volumes, the uncertainty in the ADA market is growing. Our previous idea for ADA worked out perfectly and the price reached the target. However, now the situation is becoming tense. The last wave of ADA growth from January 11 looks weaker than the previous one. Also, trading volumes are much lower. The local high, which the price updated on January 17, provoked the formation of consolidation in the range of $0.38-0.4.
In the larger timeframe, it is noticeable that the ADA price has hit the top trend line. Therefore, continued growth is possible only with an increase in trading volumes and a breakdown of the range of $ 0.38-0.4.

The situation will worsen significantly if buyers do not keep the mark of $0.34. In this case, the breakout of the range $0.38-0.4 will have to forget and the price will confidently continue to fall to $ 0.29.

In this trading situation, to maintain risk management, we would consider a short-term trade or from $ 0.34, or a medium-term trade after fixing above $0.4.

The ADABTC schedule gives us a good hint:

As we can see, the price has broken the critical price zone and now buyers are trying to keep it. The probability of continued growth is currently higher. However, in such an indefinite time it is better to be without a position.