ADA has been on a nice little bull run the past two weeks jumping up from $0.14 to about $0.32, and started correcting soon after that.
Lets take a look at the 4 hour candle chart.
The trend line I drew in there is the market attempting to find a new direction. Possible Head and Shoulders candlestick formation is making me quite bearish on this market.
It is important to remember that we just had a easy 100%+ gain from $0.14, sellers are stepping in and taking profits. I will look to the near term support for a possible bounce, likewise I will be leaning short should support fail.
Near term support for me at this point is $0.26, and should that fail we will most likely revist 20c and possibly lower.
For those that are dreaming of the moon, the bulls need to convincingly push us past the 30c – 32c zone, until then I am awaiting further correction in the market. Safe trades.