ADA/USDT : Possibility for new ATH !
Updated
ADAUSDTHello everyone 😃
ADA had a flat movement for a month now; So it could be good for it to have a bullish outlook on it.
Potentially with recent fundamentals it will be bullish more and more.
Now let's talk about chart :
- On first point, Bollinger Bands and Stochastic RSI had a bullish crossover on 21th April.
So I expect a continuation till Bollinger Bands is upper based on BB and stochastic RSI combination !
( This combination is very accurate to use in flat market and as I mentioned earlier ADA has been flat for a month now )
- ADA had a retest on 38.2% FIBBO level and now it seems that ADA starts to rebound from this level for multiple times.
There are two possible scenarios for ADA now;
1️⃣ Continues the growth and retest 0 level on FIBBO, After that if any breakout happened then targeting $2.165 based on FIBBO retracement knowledge !
2️⃣ Rejects to retest ATH's resistance again and follow BTC's ABC correction and go for a reclaimed support at 50% FIBBO level.
📌 It's about ALTs correlation with BTC's movement now ! So any minor rejection BTC can be dangerous for ALTs.
Now let's take a closer view on ADA :
As you can see on chart;
ADA had a bounce from Daily EMA20 and now It's attempting to break current resistance zone above.
Also MACD is trying to have another bullish crossover for a bullish continuation !
🔰 Factors are simply bullish on this chart..
🔴 But on MACRO overview;
ADA surged above the moving averages on 26th April , and the long tail on today’s candlestick suggests traders bought the dip to the EMA20.
This is a positive sign, as it shows that buyers are accumulating on dips.
ADA could now attempt a rally to $1.48 where the bears are likely to mount stiff resistance.
If the price turns down from this level, the pair is likely to drop to the moving averages and remain range-bound for a few more days.
Contrary to this assumption, if the bulls drive the price above the $1.48–$1.55 overhead resistance zone, the pair could start the next leg of the uptrend, which has a target objective of $2.
-Rakesh Upadhyay overview on ADA/USDT !
🔺 Have to mention again that BTC can have a correction in low TF so don't manage your risks ! It's highly recommended to limit your total engaged portfolio lower than 30%.
Hope you enjoyed our analysis about ADA's possible growth🙌
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Helical_Trades
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