Cardano / TetherUSUpdated Update 3: ADA USDT Retracing to 1.00 before heading to ATH
After ADA/USD make a small rebound and slight test of 1.20, we have again resumed our downward momentum. ADA is currently hovering around the 1.11 fib, but a quick look at the 12H chart shows that this is unlikely to last for very long.
Indicators in the 2D are still showing downward momentum that will move us lower. Support at 1.00 is not looking especially strong, meaning a good chance to drop from the 1.03/1.00 range down to as low as 0.90. In that area is where we may find our bottom for this correction before starting a reversal.
Hang in there a bit longer to accumulate at some bargain prices before we see upward momentum and search for new ATH's later this month or April.
Indicators in the 2D are still showing downward momentum that will move us lower. Support at 1.00 is not looking especially strong, meaning a good chance to drop from the 1.03/1.00 range down to as low as 0.90. In that area is where we may find our bottom for this correction before starting a reversal.
Hang in there a bit longer to accumulate at some bargain prices before we see upward momentum and search for new ATH's later this month or April.
Note
We are stuck in some sideways action at the moment. The forecast is still the same for now, but the timeline looks to be taking longer. It may not be until March 9 until we break out of the sideways channel and move down.Note
New candles today have updated indicators and are forecasting a potentially deeper correction in the March 9-11 timeframe, despite a recent uptick. A look at the 3D chart indicates that we are potentially going down to the 20 interval MA, currently at 0.731 but likely to be in the 0.80 range. It's a new 3D candle and a lot can happen in that time, but be prepared to take advantage of a deeper correction this week.
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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.