ADA/USDT – Price Action Analysis
On the 1-hour timeframe, price has been following a clear downtrend, respecting a descending channel structure. After reaching the lower boundary, sellers lost some momentum, and price started to form a rising wedge, typically seen as a bearish continuation pattern in such contexts.
Currently, price is testing a key confluence zone:
The upper boundary of the wedge
The descending trendline resistance
And also sitting below the dynamic resistance of the 200 EMA.
From a price action perspective:
Bullish candles are showing limited strength and upper wicks indicate selling pressure.
A confirmed breakdown below the wedge support could lead to further downside towards the previous demand area around 0.6550 - 0.6340.
On the 1-hour timeframe, price has been following a clear downtrend, respecting a descending channel structure. After reaching the lower boundary, sellers lost some momentum, and price started to form a rising wedge, typically seen as a bearish continuation pattern in such contexts.
Currently, price is testing a key confluence zone:
The upper boundary of the wedge
The descending trendline resistance
And also sitting below the dynamic resistance of the 200 EMA.
From a price action perspective:
Bullish candles are showing limited strength and upper wicks indicate selling pressure.
A confirmed breakdown below the wedge support could lead to further downside towards the previous demand area around 0.6550 - 0.6340.
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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.
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.