Short FA: ADA is also a good buy now, seeing that it is a L1 and L1 are doing well recently. The reason why ADA falls so hard recently is due to the fact it has no DEX or anything built on its smart contracts as compared to its competitors. However, this will be due to change due to release of Sundaeswap, a DEX. This will then cause a supply shock for ADA.
Setup: ADA was in an accumulation stage as seen from the choppy 50 MA, it lying against the daily support indicated by the green line which is confluent with the long term trend line. It recently turned into an ascending stage where it breakout of the range and is now pulling back.
Entry: We are now going to wait for ADX to change to >25, macd crossover for both 1h and 4h and price to be above the 4h 200 MA to enter the trade in confirmation. If these 3 do not occur, DONT ENTER THE TRADE.
Exit: 1 ATR below recent low at 1.381( subject to changes )
TP: 1.793
I will post an update when or if I enter the trade
Setup: ADA was in an accumulation stage as seen from the choppy 50 MA, it lying against the daily support indicated by the green line which is confluent with the long term trend line. It recently turned into an ascending stage where it breakout of the range and is now pulling back.
Entry: We are now going to wait for ADX to change to >25, macd crossover for both 1h and 4h and price to be above the 4h 200 MA to enter the trade in confirmation. If these 3 do not occur, DONT ENTER THE TRADE.
Exit: 1 ATR below recent low at 1.381( subject to changes )
TP: 1.793
I will post an update when or if I enter the trade
Comment:
Entered at 1.499, SL and TP stay the same