Still not confident in ADA
Hi everyone,
I think it is still too early to call a trend reversal on Cardano as of yet. Although it has followed a similar trend to Stellar in price, ADA isn’t showing the same strength in divergence from price in the RSI and MACD. ADA is however showing buy signals within the indicators themselves with the MACD crossing lines and approaching the 0 point and the CCI stabilizing again inside the +-100 range after shooting to +467 on a lackluster green day (a real sign of weakness in the upwards movement). I think from here we will see some nice short trades contained within single days. Ichimoku has produced its first buy signal with a price line cross and assuming ADA either keeps ranging as I expect it to for a little while, we will see the price re enter the cloud at which point we can start to call a trend reversal with more confidence. For now I think we could look to enter at 2550 or bellow and place sell orders at around 6-8%. From here it looks like ADA is coming back but I personally will not be entering into a position till I see a few more days play out.
I think it is still too early to call a trend reversal on Cardano as of yet. Although it has followed a similar trend to Stellar in price, ADA isn’t showing the same strength in divergence from price in the RSI and MACD. ADA is however showing buy signals within the indicators themselves with the MACD crossing lines and approaching the 0 point and the CCI stabilizing again inside the +-100 range after shooting to +467 on a lackluster green day (a real sign of weakness in the upwards movement). I think from here we will see some nice short trades contained within single days. Ichimoku has produced its first buy signal with a price line cross and assuming ADA either keeps ranging as I expect it to for a little while, we will see the price re enter the cloud at which point we can start to call a trend reversal with more confidence. For now I think we could look to enter at 2550 or bellow and place sell orders at around 6-8%. From here it looks like ADA is coming back but I personally will not be entering into a position till I see a few more days play out.
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