After almost 2 months of torment, buyers managed to take control of $1.45-1.5. It was from the 4th time that Cardano buyers broke through this liquid zone and continued their journey with an ultimate goal of $2. However, given the nature of the breakdown of this range and the not too vigorous growth of the ADA price, it seems that buyers will have to continue defending the range of $1.45-1.5.
If we look at the hourly timeframe, how sellers started their local downward trend, we see a significant increase in sales below the $ 1.7-1.72 range. Buyers' unsuccessful attempt to maintain this local range allowed sellers to hit stop orders that were below $1.58-1.64:
Buyers managed to get the price back above this local range, but we do not believe that this local range can become a solid support for the continued growth of ADAUSDT.
In addition, we see that the current wave of growth is taking place at low volumes, which indicates a small number of interested buyers in this range. Therefore, our main scenario is the continuation of the fall in the ADAUSD price with the first target at $1.45-1.5.
Alternative scenario. If the BTC price breaks the mark of $48600, we think that the ADA price will again return to the wide consolidation zone $0.91-1.5 with the first stop at $1.2 _________________________ We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements. Subscribe to us and get daily concise analytics!