ADAUSDT: Is It the Best Time to Buy ADA? 🫣| Nov. 25, 2022

25 בנוב׳ 2022

This week, we will stick to the 4-hour time frame to analyze the price action in detail!

The bears clearly have had a tight grip on the bulls for the past few weeks as seen in the chart above. ADA has been continuously hitting 52-week lows, the recent one being hit on Monday.

Until we see the price reverse, it is risky to take a long position on ADA. Therefore, traders should avoid taking positions until ADA is able to reclaim the resistance at $0.34.

The price will show signs of strength only once it is able to sustain above $0.34. Until then, there is a chance of a new 52-week low being hit!

Once the resistance is reclaimed, we can expect the price to start approaching our short-term target marked on the chart at $0.38. This view will only be valid if the price is able to sustain above $0.34. We will maintain a bearish outlook on ADA until it is able to reclaim the resistance.

The important price levels for this week are $0.34 and $0.38!