Previously, I have mentioned that the descending triangle resembled the same pattern as the last bear market. Price did a fakeout and immediately dropped to a lower low. There is no guarantee, but an 81% drop seems very much possible. We are close guys. No one can tell exactly when or at what price will it bottom, especially being in such an unprecedented economic...
Although ADA has not much historic data to compare to, we can always look back at the previous bear and give some expectations as to the worst case scenario, if ADA were continue its current downtrend. A bull scenario would only be possible if price is able to break the orange resistance line. Though a 95% drop may sound radical, history has already showed that...
Will we witness history repeating itself? The last date before price broke to the downside in 2018's diverging channel, it was around the exact date, as of right now. If economic news remains gloomy as it has been, there is no reason to expect a bull run, atleast in the short-term.
Not a financial advice, but always prepare yourself for all market conditions,...
As I have been saying for the past few weeks, price around 38k is likely to occur and it did so. If it breaks the channel, the next levels to look out for are 34.3 and 29.7. In the case of a bull, we can expect price to top off at 50k at the top of the channel.
Based on this week's price action, 38k at channel's bottom could very well play out first before moving upwards. Price was not quite able to break the 100MA so we have yet to see that happen as well.
As predicted from last week, price has fallen to the channel's support. However, it could still very well play around 38k first before climbing back up to resistance. In the long term, we have yet to see price breaking the ascending channel and the 200 MA.
Price got rejected at 2.1 with the key level and 200MA as resistance. Key price action to look out for would be how the price react at 1.85 alongside the 100MA.
We can see that the price has been respecting the ascending channel and recently got rejected at top, alongside the 200MA. We should expect price to hit bottom of the channel at around 38k in the short term. Bear or bull, be ready for both.
