Ada has been on fire recently reaching number 3 on coinmarketcap with over a $40 billion market cap!
Many people suggested it was a buy the rumour sell the news affair with the release of the Mary hard fork and it does seem bears are taking the bulls for a little ride in the short term.
Technically Ada is still bullish on the macro chart forming HH and LH but on the micro is where ada seems a little exhausted and a correction is due.
We are currently forming a descending triangle with a breakdown towards the $0.80 area, if the important $1.15 level is lost then a
Further correction will take place, (targets on the chart).
$0.80 is a key support area and if this is lost the bullish structure on ada will also be lost forming its first LL in the structure.
Many people suggested it was a buy the rumour sell the news affair with the release of the Mary hard fork and it does seem bears are taking the bulls for a little ride in the short term.
Technically Ada is still bullish on the macro chart forming HH and LH but on the micro is where ada seems a little exhausted and a correction is due.
We are currently forming a descending triangle with a breakdown towards the $0.80 area, if the important $1.15 level is lost then a
Further correction will take place, (targets on the chart).
$0.80 is a key support area and if this is lost the bullish structure on ada will also be lost forming its first LL in the structure.