Long

Updated

$2.25 here we come

ADA is running out of room to range between the channel and the ATH resistance at $1.60. i think she's getting ready to break out. if/when it does, i'm targeting the 1.618 extension of the fib channel (price has stuck to this channel like glue for the last year or so). that would put us at $2.25, at least. note that this is a linear target (not fixed) and may vary depending on timing.

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here's a better look at how the channel fib levels have acted as support/resistance, with some highlighted examples:

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just to clarify, i'm not suggesting that this is a good place for an entry - in fact, i would say this is a pretty bad entry. this is just a potential target for bag holders. this is a spot i'd normally be looking to take some profit (near ATH), but i'm not selling here in anticipation of a breakout.

if you're looking for an entry, i would wait and play the breakout above $1.60. if price continues to range (and there's a reasonable chance it does), you'll be able to get a better price.

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looks pretty convincing, lets see if it can hold support here.

realistically i'm thinking the next leg will bring us to $2.25 - $2.40. that would put the 3x long liquidation level above the $1.50-$1.60 support zone, and lines up nicely with the channels. could always pump harder though, who knows!

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looks to be finding support above prior ATH zone. just a matter of how long it wants to consolidate before the next move. my guess would be not too long. also potential for a quick spike downward late tonight (eastern time U.S.) if DOGE decides to drain the market, but i wouldn't worry about that.

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next resistance could be $1.95ish

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to me, this local low says a lot.

(1) it confirms the bottom of the ascending channel that launched us through the prior ATH resistance
(2) it establishes support above the prior resistance zone (as Gaengphed pointed out in the comments)
(3) it gives us a new support level ($1.47) to help anticipate margin buying pressure for the next leg. looks like 3x buy pressure will drop off just below our $2.25 target, which i would consider further validation of that target.

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that $1.95 resistance we looked at before. wouldn't be surprised to see some sideways here or little retracement before the next move

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looks like a decent spot to accumulate a bit. could break resistance at any time though really, so don't get caught with an empty bag! this is a rare case where i may use conditional buys to make sure i catch the break above 1.95.

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..... or this

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not too shabby.

wish i had more time to look at the market today, hopefully will have an update tonight or tomorrow. but if i had to guess right now, i'd bet on ADA consolidating/retracing a bit here before the next move, which would likely go straight to $3.

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this is why i mentioned targeting the 1.618 extension of the channel, by the way. i don't normally use fib levels for anything more than a frame of reference, but this seems to be a pattern with this pair...

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added a new idea with some short term scenarios. honestly, who knows where the hell the market is going.

reees

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