Like many other older tokens, ADA has seen a huge increase in value over the last couple of days. However, we're still in a downtrend, so be wary of entering longs at this stage.
As seen on the chart, ADA has been trending down ever since hitting $3 last summer. During this period, a strong down sloping trendline has been keeping the price in check (and bearish).
As long as we're trading below this trend line, I'm not looking for bullish entries. Furthermore, in case we continue going up, I'm expecting strong selling pressure to occur once we reach the trend line. Bears will be scouting for short entries, be aware of that.
Happy trading!
As seen on the chart, ADA has been trending down ever since hitting $3 last summer. During this period, a strong down sloping trendline has been keeping the price in check (and bearish).
As long as we're trading below this trend line, I'm not looking for bullish entries. Furthermore, in case we continue going up, I'm expecting strong selling pressure to occur once we reach the trend line. Bears will be scouting for short entries, be aware of that.
Happy trading!
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