ADA Weekly Analysis

ADA Weekly Analysis

ADA Weekly Analysis

Another look at the higher timeframe (HTF) on the weekly chart.

In an uptrend channel resting on the lower trend channel of liquidity. We have 3 doji candles in a strong demand zone flipped from supply off the previous high.

When using candlesticks for confirmation signals, its more accurate the higher the timeframe and the signals produced offer stronger confluence in a change of direction based on the candlestick formation.

I have identified 3 other areas on the chart previously with blue arrows showing the location of the candlesticks (lower channel) and doji / pinbar candlestick formations prior to motive waves up. As you can see the doji / pinbar candlestick is just prior to the move up and from here I think we could see the star of a new wave formation as we have with previous moves.

Based on Fib scales taking the swing high to the correction swing low we can project fib levels to give an idea of where price action may visit. I am skeptical about seeing a $11.5 ADA given other factors in the economy currently but it is definitely plausible as this project continues to release new things and as more smart contracts get deployed on this chain. Given its a weekly outlook this could take weeks/months and we wouldn’t just be going straight up, it would be a series of motive waves and correction waves.