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Thursday, September 28, 2023

Cardano ADA, will it break ATH again?

ADA has been one of the most famous coins in the market currently. A strong social media presence had given this coin a boost. Several positive remarks from renowned crypto traders had made retailers invest in the project. Several positive news have also given this coin a boost. As a result, ADA has had an amazing bull run in the past. In fact, when the whole market was bleeding ADA was very strong. When all the coins were dropping ADA stayed stable and eventually went on to create an all-time high.

Current Price Situation

At the time of writing ADA stands at a price of $2.24 with a decrease of 1.43% in a single day and a decrease of 4.04% in the past 7 days. ADA takes pride to be the third-largest cryptocurrency in the market after BTC and ETH according to market cap.  ADA has a dominance of 3.83% (even though a huge amount of gap between ADA and ETH. ADA has continued to create its ATH again and again when Btc was stable and staying above $47k. Right Now ADA has an ATH of about $3.10. This is a decrease of almost 27.8% from ATH.

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Technical Analysis – ADA

Two possible scenarios can arise here. Zones to notice: Order block around $2.7 and the demand zone around $1.35 and $1.5. Before this, there was a zone around $1.88 and $1.95 that was to be mitigated. It was expected for the price to drop at this point. Now that the price is here two scenarios can happen. First that the price can get a bounce from this zone and mitigate the order block around $2.7. The second possibility is that the price can drop down to the demand zone. Another thing to notice that if Fibo is drawn from the bottom (point of reversal i.e. around $1 to the ATH). We find that the golden ratio also coincides with this demand zone. Also due to the impulsive move towards the upside, we find an imbalance present here, which is an additional confluence for the market to drop. But nevertheless, lower time frames should be checked to notice reversal if the market shows signs to move upwards because right now probable chances are that the price can touch the demand zone.

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