ADA next possible moves

2021年2月5日

Hello and welcome,
there has been a rally lately on ADA. And we have good news - Mary update (twitter.com/InputOutputHK/status/1357358491116195840) and Goguen coming soon - March or April (roadmap.cardano.org/en/goguen/).

Having a look at my chart, you will see that ADA is closing the last step of the Elliot Wave (E) and needs to retrace a bit for its further healthy development.

1. Scenario:
It is important to observe if 0.47 (red rectangle) support will hold. If it does, we can see most likely ADA go to the resistance at 0.55. But considering current factors, IMHO the price will likely retrace from this level. But everything is possible in crypto :) ADA is very strong with huge potential!

2. Scenario:
Trendline support on 0.47 will break and we can see retracement up to 0.4 - 0.41 (orange rectangle). This scenario is quite good from a long-term perspective.

This is not financial advice, this is my opinion only. Do your own research before investing.

Cheers
David