$ADA
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ADA Price Analysis
Cardano's recent trend looks like the end of a game, with both bulls and bears fighting for their last stamina! On January 27, the price fell below the rising trend line of the symmetrical triangle, and the bears finally prevailed. The uncertainty is gone, but this does not mean that the bulls have completely given up the fight.
At present, $0.87 has become the key line of defense for the bulls. Although this wave of support has been temporarily supported, it is estimated that the rebound to the vicinity of the moving average will encounter strong selling by the bears.
If the price cannot stand above the moving average, the risk of falling to $0.80 or even $0.76 will gradually increase. The bears are probably sharpening their knives at these positions!
Short plan:
If the price falls sharply from the moving average, you can follow up with a short order after the rebound fails, with the target first looking at $0.80 and further looking at $0.76.
The stop loss is recommended to be placed near the 20-day moving average ($0.98) to avoid being hit by a sudden strong rebound.
Long plan:
If the price breaks through and closes above the 20-day moving average ($0.98), you can consider a light long position, with the target near the resistance line.
The stop loss is recommended to be set below the moving average to control the risk of callback.
Medium-term trend outlook: The direction is unclear, long and short positions need to be cautious
In the short term, the short brothers take the initiative, but the bulls show resilience at key support levels. If the 20-day moving average is broken, the price may try to rebound to a higher resistance level.
On the contrary, if the moving average continues to suppress, the probability of a volatile downward trend will increase significantly.
ADA is currently in a fierce game between long and short positions, and $0.87 is the watershed for short-term victory or defeat. Brothers, the next focus is to observe the performance of prices near the moving average. Whether the bulls counterattack or the bears continue to suppress depends on the breakthrough and defense of key points!