Looking at 1W Candles. ADA has found resistance at the top of the long term channel and is consolidating. There are several price levels that it could test again before moving back up.
Note
Looking at the the last year in 1D candles, it has moved within this channel. Occasionally dipping below the 100 day MA. It could test the .12 range again or even touch .10 if it tests the bottom of the channel again within the next month. I would be shocked if it went that low again. Usually, when I feel shocked, it is a good time to buy.
Note
Looking at the last 3 months 1 hour candles. ADA is in the process of a nice bull run, since mid November, topping out around .195. It has recently dipped under the 100 hour MA and is showing some signs of testing support and consolidation before running up again.
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Looking at the last week in 5min candles. ADA topped out at .197 this week forming a clear head and shoulders pattern. A bearish signal that has been confirmed over the last few days with the price gradually being pushed to lower lows and lower highs. ADA will likely be testing some support over the next week. We have been seeing strong support at .133. Need to be paying attention to the 1H candles when it starts showing signs of a reversal and the RSI is oversold.
Note
Looking at today's movement on the 1min candles. We stepped down to the next level of support.
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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.