Cardano (ADA) - 6h. Positive scenario - growth to $2.5-2.7
Updated
A display of character is a good sign of strength. This is what has distinguished the ADA market over the past week. Having broken through the global consolidation upwards, the ADAUSDT price successfully survived all the turbulence of the cryptocurrency market, which was provoked by BTC. In addition, our previous idea worked:
If before May 8, the ADA market confidently followed the rise in the price of BTC, then since May 9, the markets have parted ways. On the daily timeframe, we see that the Cardano (ADA) market experienced a fall in the price of BTC by more than 20% in consolidation above the broken range of $1.45-1.5.
Given that the dominance of BTC continues to fall further and may soon be below 40%, the continuation of the independent movement of the ADA price is quite likely. For the final confirmation of the strength of buyers, we want to see a retest of the local range of $1.66-1.69. This range is not quite noticeable as a powerful liquid zone:
As you can see on the hourly timeframe, the ADA price calmly crossed it both up and down. However, it was this range that stopped the ADA price when it broke through the upper line of global consolidation. Confirmation by buyers of control over the range of $1.66-1.69 will be a bright signal for the continuation of the upward trend with the target of $2.5-2.7.
An alternative scenario in the ADA market will come below $1.66-1.69. In this case, the white trend channel of growth, which buyers form from April 23rd, will become invalid. Then we will wait for the ADA price to buy in the range of $1.17-1.21.
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We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!
If before May 8, the ADA market confidently followed the rise in the price of BTC, then since May 9, the markets have parted ways. On the daily timeframe, we see that the Cardano (ADA) market experienced a fall in the price of BTC by more than 20% in consolidation above the broken range of $1.45-1.5.
Given that the dominance of BTC continues to fall further and may soon be below 40%, the continuation of the independent movement of the ADA price is quite likely. For the final confirmation of the strength of buyers, we want to see a retest of the local range of $1.66-1.69. This range is not quite noticeable as a powerful liquid zone:
As you can see on the hourly timeframe, the ADA price calmly crossed it both up and down. However, it was this range that stopped the ADA price when it broke through the upper line of global consolidation. Confirmation by buyers of control over the range of $1.66-1.69 will be a bright signal for the continuation of the upward trend with the target of $2.5-2.7.
An alternative scenario in the ADA market will come below $1.66-1.69. In this case, the white trend channel of growth, which buyers form from April 23rd, will become invalid. Then we will wait for the ADA price to buy in the range of $1.17-1.21.
__________________________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!
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