Coming off an impressive pump this past week, due to positive sentiment after the smart contract announcement coming in September, ADA is ready to begin price discovery mode.
In our last analysis we broke the falling wedge pattern that had formed and have hit our $2.02 target (marked by the golden dashed line) and managed to go beyond this point before we saw any sort of pull back. Funny enough you can see the pull back was to our target level from the wedge breakout.
Now all that remains for ADA is the all time high closing price at around $2.30. With the weekly RSI sitting within the neutral area and the MACD approaching a buy signal we look to the fibonacci retracement levels for our macro price targets.
1.272 - $3.19
1.414 - $3.65
1.618 - $4.44
2.272 - $8.29
Good luck and happy trading!
Disclaimer: Not financial advice just merely an idea.
In our last analysis we broke the falling wedge pattern that had formed and have hit our $2.02 target (marked by the golden dashed line) and managed to go beyond this point before we saw any sort of pull back. Funny enough you can see the pull back was to our target level from the wedge breakout.
Now all that remains for ADA is the all time high closing price at around $2.30. With the weekly RSI sitting within the neutral area and the MACD approaching a buy signal we look to the fibonacci retracement levels for our macro price targets.
1.272 - $3.19
1.414 - $3.65
1.618 - $4.44
2.272 - $8.29
Good luck and happy trading!
Disclaimer: Not financial advice just merely an idea.
