After the last powerful blow by sellers with the weekly candle of 9 May, the ADA market stopped in consolidation. In fact, buyers could not organize a rebound of the price upwards and correct the local fall wave from April 2022. Although everything started quite well. On 30 May, buyers absorbed the previous candle of sellers and gave a hint about the readiness to continue the growth of the ADA price to $0.93. The new trading month completely beat all odds and narrowed the ADA consolidation range to 10%. Source: https://www.tradingview.com/x/3563ihyj/ Now, sellers are trying to break the lower limit of consolidation – $0.44 mark. If the price is successfully fixed below $0.44 on the weekly timeframe, sellers will open their way to the next target of $0.33. This mark on the history shows that the ADA price stopped for about 4 weeks before continuing its crazy uptrend. Of course, a stop for 4 weeks is an indicator of a strong liquidity zone. However, the fact that the approaching of the ADA price to the $0.33 mark caused problems for sellers indicates a high probability of a reversal from this mark. This is our negative scenario. However, after keeping the $0.44 mark, buyers will still have a chance to rebound to $0.93. ADA Technical Analysis On The Daily Timeframe Source: https://www.tradingview.com/x/JCN8U5kJ/ Analyzing the movement of the ADA price in this timeframe, one can notice stable and effective pressure from sellers on...
Is WazirX About to Make a Comeback?
Is XRP Set To Rally? Traders Eyes on $2.60
