ADA Technical Analysis: What It Takes To Grow To $1.4
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Do we expect such a sharp fall of the ADA price and the $0.17 test? So far, this is not a very real scenario that will completely bury this cryptocurrency for a long time. The first local point where buyers will be able to organize a price rebound is $0.7. Starting from the trading week on 21 February, we see that the ADA price fall has slowed. The sellers no longer have enough strength to continue to put pressure on the price, and their latest achievement maybe the $0.7 test. Of course, this does not mean that after the price rebound from $0.7, the global downward trend will not continue. However, in the local perspective, the ADA price rebound with a global target of $1.4 is highly likely.
Technical Analysis Of ADA On The Daily Timeframe
Concrete confirmation of our speculation about the probable reversal of the ADA price from $0.7 can be found in the daily timeframe. These updates are not particularly deep. The price movement gradually turns into a wedge, which reduces volatility. At the time of writing, the ADA price is near the wedge trend line. Currently, the most negative scenario for the ADA cryptocurrency is the test of the lower trend line of the wedge near the mark of $0.61. However, such a scenario is possible if the BTC price continues to fall to $35,000. Given the fact that the ADA price slowed down, we do not expect a sharp fall in this trading situation than to $0.61.
Though the consolidation that has formed around the $0.8 mark may be sustained and a new growth impulse may begin with it. On 15 March, sellers may try to create a false break of $0.8. But, if the weekly candle closes higher, we expect the ADA price to grow with the first target of $1.
The ADABTC Price Reaches An Important Range Of 0.000018
Analyzing the ADABTC price movement on the daily timeframe, we can also conclude that there is a high probability of market reversal. On the chart, we see that from January 2022 the ADABTC price is falling uncorrected. However, during the last 3 trading weeks, the dynamics of the decline began to slow down. Still, because sellers are very close to the main range of buyers' support 0.000018. This range kept the ADABTC price from a new growth wave for almost 3 years.
Therefore, at least a local rebound of the ADABTC price to the level of 0.000023 and possibly to 0.00003 should happen. The reversal of the market after a long trend is not easy and is not formed in one day. Thus, it is worth gaining patience by investing in the cryptocurrency market now.