ADA Technical Analysis: When Will The Growth Finally Begin?
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Thus, if sellers fail to break and fix below the range of $0.71, we will expect the beginning of consolidation in the range of $0.71-$1.24. It is this consolidation that can lay the foundation for a new growth wave with the first global target of $1.65. This is the beginning of the formation of a broad global consolidation and is a positive scenario for the ADA market. Otherwise, breaking the $0.71 mark will bring the Cardano market to $0.4.
Technical Analysis Of ADA On The Daily Timeframe
Everyone who now admires the daily ADA price chart has witnessed a real fierce battle between buyers and sellers. We removed the global range of $0.71 instead of the local price range of $0.757-$0.787. Starting on 4 May, buyers started their local attack from this local price zone. However, on 5 May, sellers were reminded of their presence and completely absorbed the previous results of sellers. It would seem that the duel is over.
Though on 6 May, we see the closing of the daily candle, which is significantly smaller than on 5 May, but the volumes are almost the same. This fact indicates the slowdown in buyers' fall with the help of limited orders of the ADA price fall. Given this fact, we do not reject the scenario of continuing to consolidate and reverse the price to $1.24. But, to implement this scenario, you need to keep the ADA price in the range of $0.757-$0.787 during 7-9 May.
The ADABTC Price Is Finally Starting To Stop The Downward Trend
Analyzing the ADABTC price movement on the weekly timeframe, it can be seen that it has become difficult for sellers to update local lows since the beginning of March. For example, take the weekly candle from 25 April. The chart shows that although sellers updated the local low, it did not give any results to continue the confident fall in the ADABTC price. On the contrary, the false break of the previous local low provoked buyers to form a rebound.
Closing the weekly candle from 2 May above the opening price may inspire buyers to continue to shape the growth trend to 0.00002600. While sellers control this mark, the probability of continuing to fall of the ADABTC price is high. However, it should be understood that the ADABTC price came to a wide liquidity zone, where it stopped in February 2021. For 2 months, buyers bought all the offers of sellers in high volumes before continuing the aggressive growth trend. Thus, if buyers do not increase their pressure on the price due to trading volumes, we will expect the beginning of the global rebound formation from the range of 0.00001800.