After a month and a half of accumulation, it seems more and more buyers are starting to flood in:
As you can see, starting from when we broke out of a very long downward fib channel back in the first week of October, ADA has been consolidating price action in a way which is healthy for future moves up. We charted a downward sloping channel which it has been respecting and also a semi valid symmetrical triangle within the channel. It appears we had a nice fake out when it broke down only to curl up, and break out of the triangle and it's also on the verge of breaking the channel. That's pretty bullish if you ask me. Volume is also starting to spike which is great.
We do have some resistance ahead though. We have prior horizontal support and resistance level from future closes at 1376 SATS. We NEED to break this area to continue being bullish. If we fail to do that, we'd be making another lower high and then we would have to revaluate. There is also a longer term target at another horizontal resistance at 1679 SATS. That's a little more of a long shot but the shorter term target needs to crack. If we get stuck in between that zone, that would be very good.
Moving forward, the market is looking much better than I anticipated, and you must take note of whats going on. You can not ignore the fact that most of the market is making higher lows against BTC after making continuous lower lows from months. Thats a signal of alts gaining strength so we might be in for a short term run for the alts I feel. As always, be cautious when getting over zealous in this market. Treat it as if it can turn on you in a second and always raise your stops in profit. For now, ADA looks very good, like most other alts right now. Hopefully we can continue the recent pattern developments in ADA for more positive price action!
Hope this helps!
Good luck!
Hi @wrecktangle27!
Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your UA account score is currently 0.787 which ranks you at #60718 across all Steem accounts.
Your rank has dropped 173 places in the last three days (old rank 60545).
In our last Algorithmic Curation Round, consisting of 306 contributions, your post is ranked at #286.
Evaluation of your UA score:
Feel free to join our @steem-ua Discord server