ADA plummeted 16.81% today! Where are the short-term opportunities?

Market Analysis

The current price of ADA is $0.9665, experiencing a nearly 17% drop within the day. Bullish momentum is showing signs of fatigue, and market sentiment is becoming cautious. On the chart, it has fallen below the psychological barrier of $1 and is currently close to the support area around $0.91, where it is expected to stabilize in the short term, waiting for new funds to enter and drive a rebound.

Key Levels

• Support Levels: $0.910, $0.850, $0.800

• Resistance Levels: $1.000, $1.070, $1.150

The key support and resistance for short-term fluctuations will be important areas for the bulls and bears to contend.

Short-term Strategy

1. Long Position Strategy

• Entry Position: Accumulate in the range of $0.930-$0.960

• Add Position: $0.910 (after testing support and stabilizing)

• Stop Loss: $0.900 (decisively stop loss if support is lost)

• Take Profit: $1.000, $1.070, $1.150

2. Short Position Strategy

• Entry Position: Attempt short positions in the range of $1.000-$1.020

• Add Position: $1.070 (add short when resistance is encountered)

• Stop Loss: $1.080 (stop loss promptly after a breakout)

• Take Profit: $0.970, $0.930, $0.910

Considering the current trend and market sentiment, if the support at $0.91 holds, ADA may rebound towards $1.07 to continue testing resistance. However, if it falls below $0.91, it may further dip to the support area around $0.85. The overall trend in the short term is expected to be oscillating, suggesting flexible operations.

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