In this article we are going to discuss the potential of ADA, possible targets, key levels for the continuation of the recent uptrend, support and resistance on the daily timeframe. Please remember that this is not a financial advice, do your own research and trade wisely.
ADA is currently trading around 0.167$ after the recent breakout, with a clear uptrend since the 20th of November. In this article we are going to discuss 2 charts.
Recent Trend based on Fib Retracement
The key level of the breakout was on the 20th of November, being able to pass 0.106$ levels, in this chart you can clearly see after the recent dip, holding the 0.618 levels around 0.148-0.152 is a crucial support line, breaking below this level indicates the reversal of the recent trend. Being able to hold these levels and go back higher will eventually make a clear view for the Elliot's wave theory. If the correction is done by today, based on EWT the next target of ADA should be around 0.22$
Support and Resistance based on Daily Timeframe
In this chart, the red lines represent the support lines for ADA, the green lines are the next resistance. The first support level is around 0.1468$, the second is around 0.129$. The first resistance to test today possibly is 0.171$, being able to close a 4 hour candle above this level will lead us to test 0.196 and 0.234$ respectively.
In both charts shown above, you can see that the first support line around 0.146$ is the 0.618 level on Fib Retracement, holding this level is very important before the next move. Also passing the next 2 resistance lines will eventually lead to 0.22-0.23$ which in this case is 1.618 levels on Fib retracement. Reaching these certain levels will be the conclusion of the 3rd Elliot Wave.
This was a brief TA for ADA, please remember to trade wisely and set your stoploss based on ATR indicator.
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Crypto Army
