ADA appears to be breaking out its downtrend, approaching new highs on the daily chart. However, this is likely due to the upcoming Huobi exchange listing to take place on April 17th at 14:30 UTC. In the short-term ADA may run up, but it looks prime for a retrace back down to the 2500-2700 sat area. A leveraged short could be placed on this trade with an entry at 3400-3500 sats and an exit around that 2500-2700 area.
From a indicator standpoint, there is a bearish divergence on the daily and 4 hour chart signaling a potential retrace. Additionally, the TD Sequential is painting a 13 on the 4 hour chart as well as a 9 on the daily chart.
Should we see ADA retrace, it will be crucial for ADA to hold this support level as its next support range is much, much lower (sub 1000 sat range).
From a indicator standpoint, there is a bearish divergence on the daily and 4 hour chart signaling a potential retrace. Additionally, the TD Sequential is painting a 13 on the 4 hour chart as well as a 9 on the daily chart.
Should we see ADA retrace, it will be crucial for ADA to hold this support level as its next support range is much, much lower (sub 1000 sat range).