ADA price prediction: Will there be more downsides?
Technical analysis of the daily timeframe shows that Cardano (ADA) has been trading within an ascending parallel channel since June 2023. After several failed breakout attempts, ADA price finally cleared the channel's resistance trendline in December and subsequently rose parabolically. This breakout reached a new one-year high of $0.68 on Dec. 14. Since then, ADA has dropped dramatically. Thus, it created two long upper wicks (red icons), which were considered signs of selling pressure. Meanwhile, the RSI is below 50 and is falling (red circle). Similar to the daily timeframe, the six-hour timeframe also does not provide a clear direction for the trend. This is due to price action and RSI data. The price action shows that ADA has been trading within a descending parallel channel since Dec. 14. Such channels often involve corrective actions. On January 8 (green icon), it bounced off the support trendline of the ADA channel, confirming the 0.5 Fib retracement support level at $0.46. However, he did not manage to get out of the channel. On the contrary, it was rejected on January 11 (red icon) and has since been dropped. It is currently trading below the midline of the channel. Also, the six-hour RSI is below 50. As a result, the resolution of the channel formation will determine the future trend for ADA.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
40 Likes
Reward
40
16
Share
Comment
0/400
Lima333
· 2024-02-01 20:37
ATAC
Reply0
Lima333
· 2024-02-01 20:37
HELLO Hİ
Reply0
Lima333
· 2024-01-31 20:38
Hİ HAWARYOU
Reply0
Lima333
· 2024-01-31 20:33
SSALAM
Reply0
NewName
· 2024-01-19 11:03
Thank you for information!
Reply0
Crazypeople
· 2024-01-19 09:11
Thanks.....
Reply0
LiuYidao
· 2024-01-19 09:02
ADA really has no advantage, last year 28,000 to buy, has been falling, the lowest is 3,000 left, now the highest is 8,000, the return to the capital is removed forever
ADA price prediction: Will there be more downsides?
Technical analysis of the daily timeframe shows that Cardano (ADA) has been trading within an ascending parallel channel since June 2023. After several failed breakout attempts, ADA price finally cleared the channel's resistance trendline in December and subsequently rose parabolically. This breakout reached a new one-year high of $0.68 on Dec. 14. Since then, ADA has dropped dramatically. Thus, it created two long upper wicks (red icons), which were considered signs of selling pressure. Meanwhile, the RSI is below 50 and is falling (red circle).
Similar to the daily timeframe, the six-hour timeframe also does not provide a clear direction for the trend. This is due to price action and RSI data. The price action shows that ADA has been trading within a descending parallel channel since Dec. 14. Such channels often involve corrective actions. On January 8 (green icon), it bounced off the support trendline of the ADA channel, confirming the 0.5 Fib retracement support level at $0.46. However, he did not manage to get out of the channel. On the contrary, it was rejected on January 11 (red icon) and has since been dropped. It is currently trading below the midline of the channel. Also, the six-hour RSI is below 50. As a result, the resolution of the channel formation will determine the future trend for ADA.