Correction or Retest?
Iam optimistic about ADA in the long run especially if the Alonzo hard fork
runs smoothly. As seen previously the hype around a new update pushes the
price higher than the actual release day, often history repeats itself
but I don't think it will this time.
ADA just bounced on the support and is headed to retest the neckline, if we break out we will most likely see a throwback unless we break out with high volumes then we could see a pump to around $3.34
If we do not manage to hold above support we will see a correction, we haven’t had one in a while. Bearish signs start to appear, we recently crossed below the 4MA line on the 4 hour time frame. ADA could potentially be forming a head and shoulders pattern as of speaking. On the other hand we are still holding above the 4MA line on the 1 day time frame. If we can’t hold up support we will see a correction to approximately $2.19 this would be another good buying opportunity.
These are just my thoughts don't take this as financial advice. Like if you agree, any feedback is much appreciated :)
runs smoothly. As seen previously the hype around a new update pushes the
price higher than the actual release day, often history repeats itself
but I don't think it will this time.
ADA just bounced on the support and is headed to retest the neckline, if we break out we will most likely see a throwback unless we break out with high volumes then we could see a pump to around $3.34
If we do not manage to hold above support we will see a correction, we haven’t had one in a while. Bearish signs start to appear, we recently crossed below the 4MA line on the 4 hour time frame. ADA could potentially be forming a head and shoulders pattern as of speaking. On the other hand we are still holding above the 4MA line on the 1 day time frame. If we can’t hold up support we will see a correction to approximately $2.19 this would be another good buying opportunity.
These are just my thoughts don't take this as financial advice. Like if you agree, any feedback is much appreciated :)
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