ADA set to tumble
Ada has been one of the most overbought projects, lets face it. Cardano Org. has failed to produce a product.
Ethereum and BTC are tumbling which as we know drags down the entire market. Ada is just lagging, but these last two buying periods (1 week) are weak. Check @OptimoomFX idea's on both (I will link)
The further I pull out the scope of the chart, the more I am convinced. Ada is way below 50 DEMA and 10 EMA.
As you can see the sell pressure is on (wick on top of most recent week) and the asset cannot make up to the EMA which is more sensitive to price than simple MA.
Also,
MACD+Signal < zero
Signal (red) is above MACD
Volume is under moving average showing yet again the buying power or faith in this asset is declining.
and the RSI has moved off of buy signal, which it was not on for very long. I do not wait for the sell signal, I sell now.
Be cautious with trading this is only my opinion.
credit: @OptimoomFX
Ethereum and BTC are tumbling which as we know drags down the entire market. Ada is just lagging, but these last two buying periods (1 week) are weak. Check @OptimoomFX idea's on both (I will link)
The further I pull out the scope of the chart, the more I am convinced. Ada is way below 50 DEMA and 10 EMA.
As you can see the sell pressure is on (wick on top of most recent week) and the asset cannot make up to the EMA which is more sensitive to price than simple MA.
Also,
MACD+Signal < zero
Signal (red) is above MACD
Volume is under moving average showing yet again the buying power or faith in this asset is declining.
and the RSI has moved off of buy signal, which it was not on for very long. I do not wait for the sell signal, I sell now.
Be cautious with trading this is only my opinion.
credit: @OptimoomFX
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