ADA/USD - Back into the descending channel, WHAT? 😭
This week, Cardano fell below $2.1 and found support on the $1.9 level. This places ADA back into the descending channel and within the larger price range of $1.9 and $2.4.
This drop also made ADA’s indicators bearish on the daily timeframe. Therefore, bulls need to wake up if there is hope to bring the uptrend again. Overall, ADA performed poorly this week with a 6.6% drop.
The bulls did show appetite to buy ADA at the new support, which so far has held well. If this is sustained in the new week, perhaps the bulls can push the price above the descending channel again and attempt a new try to break the resistance at $2.4. That seems a bit far away, but a week in crypto is a lot of time for the price to move.
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This drop also made ADA’s indicators bearish on the daily timeframe. Therefore, bulls need to wake up if there is hope to bring the uptrend again. Overall, ADA performed poorly this week with a 6.6% drop.
The bulls did show appetite to buy ADA at the new support, which so far has held well. If this is sustained in the new week, perhaps the bulls can push the price above the descending channel again and attempt a new try to break the resistance at $2.4. That seems a bit far away, but a week in crypto is a lot of time for the price to move.
Like and follow if you liked my idea!
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