At the time of writing ADA is being traded at the price of $2.10. The price had a decrease of 1.38% in the past 24 hours. With Btc.d rising it can be expected that the price even drops further down.
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Technical Analysis:
Starting from the monthly, ADA has shown a clear unhealthy movement to the upside can be observed, as a market when was pushing to the down through pole flag expansion, it did without a clear correction which left a lot of imbalance below which price might sooner or later get it.
Jumping to the weekly, it can be seen that, the last leg up is now doing correction and price is still in a premium price which favors sell at the moment.
Now lastly moving to daily to see the recent price action as how it is behaving at the moment.
ADA had made its all-time high the previous month, now started to fall down to do a retracement. Price before making its all-time high made equal lows which were soon taken out by the next spike of the candle. hence the liquidity too much extent has been grabbed by the price.
The price along the way to the downside, broke the trendline which was supporting the price, if this wasn’t enough, the price broke the correction of that move as well, indicating a push to the downside. Now as being market in a premium pricing, it is very likely that this bear move might continue all the way to the demand zone as it can give a reaction to the price because it is in confluence with the Fibo golden zone. Now there is liquidity present at $1.876 which can drive the price much lower which then can grab that liquidity.
Furthermore, ADA had made a descending channel which too broke to the upside which gives a much further insight as of how price shows evidences to the downside. now as mentioned before, the demand zone can be the first target and if market shifts aren’t observed in that zone, a further push can occur which might grab the liquidity present below the support zone at $1.047
An invalidation point will be, if the price jumps over the descending triangle, the price then might continue all the way till the orderblock and then from that position shorts can be taken if market shifts are observed.
