SasanSeifi|Will the 0.30 Cent Level Hold?
2024-09-23

Hey there, ✌  BINANCE:ADAUSDT  In the daily timeframe, as observed, the price followed a downward trend from the 0.80 cent range, extending the correction down to 0.30 cents. Afterward, the price entered a consolidation phase within the 0.30 cent range, which has since been maintained. Currently, we’re seeing a breakout of the long-term descending trend line, and the price is trading around the 0.35 cent level.

The scenario we can consider in the daily timeframe is that, given the preservation of the demand zone and after accumulating liquidity, the price could see an upward movement towards the target of 0.39 cents and the supply zone in the 0.42 cent range. To confirm further upward movement, we need to observe the price’s reaction to these zones. (For a continuation of the uptrend and reaching the 0.50 cent target, the supply zone needs to be broken, with the price stabilizing above it.)

On the other hand, if the price falls below the 0.30 cent range after a consolidation phase and stabilizes, the probability of further correction increases.

💢This analysis is my personal viewpoint and not financial advice. If you found this helpful, please like and comment – I’d love to hear your thoughts! Happy trading! ✌😊