ðĨ ADA Still In A Bullish Channel: Reversal Soon
ADA has seen an amazing run during august, rising by almost 200% in a matter of weeks.
As off this week, ADA is seeing a strong correction. The $3 resistance held several times, and ultimately led to a price drop of almost 20%.
However, this move does not mean that we're going to see more bearishness from ADA. On the contrary, we're currently still trading inside a bullish channel. At this point, we're closing in on both the channel support trend line as the previous ATH, based around $2.45.
I'm expecting a strong reversal from this area, given that BTC will not dump much further.
Main target for the reversal move is the current ATH around $3, second longer term target is based around the $3.50 area.
Happy trading!
As off this week, ADA is seeing a strong correction. The $3 resistance held several times, and ultimately led to a price drop of almost 20%.
However, this move does not mean that we're going to see more bearishness from ADA. On the contrary, we're currently still trading inside a bullish channel. At this point, we're closing in on both the channel support trend line as the previous ATH, based around $2.45.
I'm expecting a strong reversal from this area, given that BTC will not dump much further.
Main target for the reversal move is the current ATH around $3, second longer term target is based around the $3.50 area.
Happy trading!
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