ADA - another 1d chart update
At the moment, ADA is back above its Bollinger Bands Middle,Band Basis 20 Period SMA on this 1d timeframe. ADA needs to close this daily candle above the BB Middle Band Basis. Note that it looks like the Upper and Lower Bands may start pinching inwards if a significant new high or low cannot be achieved.
ADA has found some resistance from its Least Squares Moving Average (LSMA) on this 1d timeframe. Note that the LSMA is currently at the Horizontal Resistance Line (Dotted Line) at $1.382.
Note that ADA is still in the Bearish Zone of the Ichimoku Cloud.
ADA is still below its Volume Profile Fixed Range Point of Control (VPFR POC) for the Fixed Range of 8x 1d candles that i have selected.
At the moment, ADA is fighting to stay above its Volume Profile Visible Range (VPVR POC) for this charts visible Range. A daily close above this level is crucial for continued upwards momentum.
Note that the last 3 Volume Bars closed above its Volume 20 Period MA.
I have added some key Resistance and Support Areas indicated by the Horizontal Parallel Black Line with Yellow Shading.
If we take a look at the Moving Average Convergence Divergence (MACD) we can see that the MACD Line (Blue Line) is still in the Negative Zone under the 0.0 Base Line and is indicating momentum is sideways at the moment. Note that the MACD Line (Blue Line) is still above its Signal Line (Orange Line) for this 1d timeframe. Note that the MACD Line (Blue Line) has not been in the Positive Zone above the 0.0 Base Line since the 17th Sept 2021.
Looking at the Stochastic Indicator (STOCH) we can see that momentum at the moment is upwards, we may see more upwards momentum on this 1d timeframe if the %K (Blue Line) successfully crosses back above the %D (Orange Line) and stays above it.
If we take a look at the Average Directional Index (ADX DI) its looking scary as the +DI (Green Line) is at 18.301 and has crossed back under the -DI (Red Line) which is at 18.401 indicating that Negative Momentum has overtaken Positive Momentum on this 1d timeframe. We 100% need the +DI (Green Line) to cross back above the -DI (Red Line) on this 1d timeframe. Note that the Trend Strength has dropped with the ADX (Orange Line) at 24.445 and it is below its 9 Period EMA (Black Line) which is at 30.164 further indicating the Trend Strength is indeed becoming weak.
At the moment, from my perspective it’s looking like SIDEWAYS within a range at best or DOWNWARDS at worst for ADA. Be on the lookout for any successful close above the BB Middle Basis and successfully re-test as support on this 1d timeframe.
As always, we need to keep an eye on what BTC is doing because BTC is in a H&S Pattern. If BTC drops below and more importantly CLOSES below the Neckline of the H&S Pattern then that will effect all alts including ADA in a negative way.
I hope you have found this ADA analysis post helpful with your Trading and Hodl-ing.
Notes:
LSMA = Black Squiggly line on Chart
Bollinger Bands = Grey Bands on Chart
Resistance and Support Areas = Horizontal Parallel Black Lines with Yellow Shading on Chart
Volume Bars = Bars Bottom of Chart
Volume 20 MA = Orange Line going through Volume Bars on Chart
Ichimoku Cloud = Red and Green Cloud on Chart
VPFR POC = Short Horizontal Blue Line on Chart
VPVR POC = Long Horizontal Blue Line on Chart
ADA has found some resistance from its Least Squares Moving Average (LSMA) on this 1d timeframe. Note that the LSMA is currently at the Horizontal Resistance Line (Dotted Line) at $1.382.
Note that ADA is still in the Bearish Zone of the Ichimoku Cloud.
ADA is still below its Volume Profile Fixed Range Point of Control (VPFR POC) for the Fixed Range of 8x 1d candles that i have selected.
At the moment, ADA is fighting to stay above its Volume Profile Visible Range (VPVR POC) for this charts visible Range. A daily close above this level is crucial for continued upwards momentum.
Note that the last 3 Volume Bars closed above its Volume 20 Period MA.
I have added some key Resistance and Support Areas indicated by the Horizontal Parallel Black Line with Yellow Shading.
If we take a look at the Moving Average Convergence Divergence (MACD) we can see that the MACD Line (Blue Line) is still in the Negative Zone under the 0.0 Base Line and is indicating momentum is sideways at the moment. Note that the MACD Line (Blue Line) is still above its Signal Line (Orange Line) for this 1d timeframe. Note that the MACD Line (Blue Line) has not been in the Positive Zone above the 0.0 Base Line since the 17th Sept 2021.
Looking at the Stochastic Indicator (STOCH) we can see that momentum at the moment is upwards, we may see more upwards momentum on this 1d timeframe if the %K (Blue Line) successfully crosses back above the %D (Orange Line) and stays above it.
If we take a look at the Average Directional Index (ADX DI) its looking scary as the +DI (Green Line) is at 18.301 and has crossed back under the -DI (Red Line) which is at 18.401 indicating that Negative Momentum has overtaken Positive Momentum on this 1d timeframe. We 100% need the +DI (Green Line) to cross back above the -DI (Red Line) on this 1d timeframe. Note that the Trend Strength has dropped with the ADX (Orange Line) at 24.445 and it is below its 9 Period EMA (Black Line) which is at 30.164 further indicating the Trend Strength is indeed becoming weak.
At the moment, from my perspective it’s looking like SIDEWAYS within a range at best or DOWNWARDS at worst for ADA. Be on the lookout for any successful close above the BB Middle Basis and successfully re-test as support on this 1d timeframe.
As always, we need to keep an eye on what BTC is doing because BTC is in a H&S Pattern. If BTC drops below and more importantly CLOSES below the Neckline of the H&S Pattern then that will effect all alts including ADA in a negative way.
I hope you have found this ADA analysis post helpful with your Trading and Hodl-ing.
Notes:
LSMA = Black Squiggly line on Chart
Bollinger Bands = Grey Bands on Chart
Resistance and Support Areas = Horizontal Parallel Black Lines with Yellow Shading on Chart
Volume Bars = Bars Bottom of Chart
Volume 20 MA = Orange Line going through Volume Bars on Chart
Ichimoku Cloud = Red and Green Cloud on Chart
VPFR POC = Short Horizontal Blue Line on Chart
VPVR POC = Long Horizontal Blue Line on Chart
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