ADA weak breakout

ADA has pushed hard in the last month, and it is now looking feeble. It is now breaking out from a channel to retest the new ATH resistance. I expect ADA to break out to reach 3.07, a new ATH, before retracing a little and then push to 3.4 short terms. However, the underline structure starts weakening with a bearish divergence between price and volume, which is a warning. It will be a warning until confirmed, so the trend, for now, remains bullish, especially with Alonzo coming online soon.
Be ready for a possible turnaround for a healthy retracement anytime soon.

تعليق:

Just a quick update. ADA is perfect on target. It has touched my first target and is now retracing slowly to the trendline. I am planning to reload at 2.91.