Sorry for the late update, it's been a very busy week so i haven’t been able to analyse anything until today.
I know we had a big ADA dip yesterday and that wasn’t what most people was expecting after the Coinbase Pro listing but that is the nature of trading and we have to take the rough with the smooth. ADA is still looking absolutely great for the longterm and you should not have been shaken out by yesterday's drop!
If we look at the daily chart, we can see that ADA is back above its Pitchfork Median Line.
The ADX DI SMA is indicting we still have an uptrend with the ADX (Yellow Line) at 25.6 but still below its 10 Period SMA (White Line) which is at 28.9. The +DI (Green Line) is at 20.3 and still above its -DI (Red Line) which is at 8.7. We should see renewed upwards strength once the ADX crosses back over the 10 Period SMA.
The RSI is indicating momentum is sideways with room to move up before momentum gets into the overbought zone.
Volume is relatively low at the moment.
Yesterday we ended with a Bearish Engulfing Candle but today looks like we are slowly recouping those losses.
The Bollinger Bands is indicating volatility is sideways. ADA is also back above its BB Middle Band Basis.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating momentum is still upwards.
The ADA Price is Still above its Ichimoku Cloud Conversion Line (Tenkan Sen) and Base Line (Kijun Sen) levels. A good sign will be when ADA closes this daily candle above its Conversion Line (Tenkan Sen).
You should not have been shaken out by yesterday's drop! ADA is still looking really strong for the longterm. If you are a day trader, then i can see how you would have sh*t yourself when you saw the sell off yesterday, but if your longterm, then you should be using these dips to accumulate more before the next rise up. Remember, that if all goes to plan for the Cardano update, then ADA will be 100% decentralised by 31st March which will enable ADA to really start pecking away at Ethereum’s market.
I hope this is helpful. Good luck
I know we had a big ADA dip yesterday and that wasn’t what most people was expecting after the Coinbase Pro listing but that is the nature of trading and we have to take the rough with the smooth. ADA is still looking absolutely great for the longterm and you should not have been shaken out by yesterday's drop!
If we look at the daily chart, we can see that ADA is back above its Pitchfork Median Line.
The ADX DI SMA is indicting we still have an uptrend with the ADX (Yellow Line) at 25.6 but still below its 10 Period SMA (White Line) which is at 28.9. The +DI (Green Line) is at 20.3 and still above its -DI (Red Line) which is at 8.7. We should see renewed upwards strength once the ADX crosses back over the 10 Period SMA.
The RSI is indicating momentum is sideways with room to move up before momentum gets into the overbought zone.
Volume is relatively low at the moment.
Yesterday we ended with a Bearish Engulfing Candle but today looks like we are slowly recouping those losses.
The Bollinger Bands is indicating volatility is sideways. ADA is also back above its BB Middle Band Basis.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating momentum is still upwards.
The ADA Price is Still above its Ichimoku Cloud Conversion Line (Tenkan Sen) and Base Line (Kijun Sen) levels. A good sign will be when ADA closes this daily candle above its Conversion Line (Tenkan Sen).
You should not have been shaken out by yesterday's drop! ADA is still looking really strong for the longterm. If you are a day trader, then i can see how you would have sh*t yourself when you saw the sell off yesterday, but if your longterm, then you should be using these dips to accumulate more before the next rise up. Remember, that if all goes to plan for the Cardano update, then ADA will be 100% decentralised by 31st March which will enable ADA to really start pecking away at Ethereum’s market.
I hope this is helpful. Good luck
Note
Let's look at the ADA 1hr chart for you impatient non-longterm traders:On the 1hr chart, ADA is inside the Ichimoku Cloud Equilibrium Zone and testing the Leading Span A (Senkou Span A) resistance of the Cloud (Kumo), it looks like ADA will soon be back in the Bullish Zone for this 1hr Timeframe.
Note that ADA did not drop out of the Cloud (Kumo) Leading Span B (Senkou Span B) support level!
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating Momentum is sideways
Both the Price and the Ichimoku Cloud Conversion Line (Tenkan Sen) needs to cross back over the Base Line (Kijun Sen).
I have drawn a smaller Pitchfork on this 1hr chart and as you can see, ADA is above its Downwards Pitchfork Median Line and is now testing the Pitchfork Hagopian Line, so if you are waiting for a buy signal, the price crossing back over and closing a 1hr candle above the Pitchfork Hagopian Line is a very good sign. Also note that the Hagopian Line is roughly at the same level as the Leading Span A (Senkou Span A) resistance, so when ADA crosses this level and turns both into strong support, that will be a good sign of sellers loosing steam & renewed upwards momentum as we head into the Bullish Zone.
I hope you find this is helpful with your trading or hold-ing 👍
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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.