ADA Technical Analysis: Should We Expect A Price Above $1.4?
Table of contents
In our previous analysis, we wrote that we expect a test of $1.4. Buyers managed to realize our main scenario. After breaking the local wedge, which sellers have formed since January 2021, the ADA price quickly jumped by 60%. At the same time, trading volumes remained low. In order not to give the initiative to sellers, for buyers at any cost it is necessary to keep control over a mark of $1.1. Keeping this mark, buyers will organize a narrow consolidation range of $1.1-$1.14, which will accumulate positions to break the consolidation up.
With such a positive scenario, the next target for the ADA price increase is $2. Loss of customer control over the $1.1 mark will lead to a new fall wave with the first target of $0.9. This mark will make it clear how strong sellers are and whether they will be able to continue falling to $0.7.
Technical Analysis Of ADA On The Daily Timeframe
Analyzing the ADA price movement on the daily timeframe, we see that buyers are not going to give the initiative in the market. Pay attention to the daily candle from 24 March. On the one hand, this candle showed a large presence of sellers who stopped the ADA price growth at high volumes. However, after such a candle, the fall wave did not begin. On the contrary, buyers are not allowed to update local lows and raise the ADA price to $1.25. If the events in the Cardano market will develop identically - the probability of breaking the $1.25 mark by mid-April is as high as possible. The daily timeframe also shows that the critical point is at $1.1. It was at this mark during 23-24 March that ADA trading volumes were as high as possible. To keep your Cardano in a secure and simple place use SimpleHold.io wallet. This simple and safe non-custodial wallet has about 30 coins and 120 tokens. Therefore, it will be the only crypto wallet you will ever need.
The ADABTC Price Is A Difficult Choice.
Consolidation below the liquidity level and on the ADABTC price chart also failed. In the daily timeframe, we see that buyers have not been able to control the liquidity range of 0.0000259. As long as the price is trading in the 5% range, the chances of buyers continuing to grow are high. However, the loss of control over the lower limit of consolidation of 0.00002473 will indicate the beginning of a new fall wave with the first target of 0.00002298. From this point, buyers are likely to be able to continue their growth trend, which began on 19 March. But, even if the local consolidation breaks up, we should not forget that the downward trend from September 2021 is not broken. The prospect of growth after breaking the mark 0.0000259 reaches 10-15%.