ADA has been making lower highs since September 2021 which has resulted in a descending channel. The fall was catalysed by the regulatory concerns which resulted in eToro delisting the former top 3 coin. Of course, news and fear strongly affect this infant market, thus the coin fell from its ATH by ~65% (to its recent low).
To initiate a trade the supports and resistances are marked on the chart. At one point we wondered whether we would see ADA at $1 and we did. Will we see it again?
There is very strong support just above the $1 level which would be a fantastic place to catch a bounce. Alternatively, we can catch a bounce at either of the other support levels. Trade carefully and with a good strategy!
Please note I am not a financial advisor and this is not financial advice. All ideas are for educational purposes only :)
Please feel free to leave your comments and thoughts below!
To initiate a trade the supports and resistances are marked on the chart. At one point we wondered whether we would see ADA at $1 and we did. Will we see it again?
There is very strong support just above the $1 level which would be a fantastic place to catch a bounce. Alternatively, we can catch a bounce at either of the other support levels. Trade carefully and with a good strategy!
Please note I am not a financial advisor and this is not financial advice. All ideas are for educational purposes only :)
Please feel free to leave your comments and thoughts below!