ADA - Hidden Bullish Divergence
ADA has experienced a lot of FUD over the past few days followed by a -10% capitulation candle due to Robinhood looking to delist ADA. All of this seems really bad for ADA, but I wanted to post some of the good signs in the chart. If these signals play out then all this FUD would just be weak hands selling into strong hands.
Right now we could be seeing a hidden bullish divergence form between price action and our daily RSI. We have a higher high in price forming (orange trendline) followed by the same low on our RSI (orange arrows). This could be a powerful signal if we can see ADA bounce from oversold on the daily timeframe.
We can also see that price is testing the golden ratio of our macro trend! The 0.618 from our low of 0.23 to our swing high of 0.46 (interesting it was almost exactly a 100% move). The 0.618 currently sits around 0.325. If we find support here this could be a good macro sign of liquidity being respected. Just wanted to point this out for ADA fans to monitor over the next couple days.
Right now we could be seeing a hidden bullish divergence form between price action and our daily RSI. We have a higher high in price forming (orange trendline) followed by the same low on our RSI (orange arrows). This could be a powerful signal if we can see ADA bounce from oversold on the daily timeframe.
We can also see that price is testing the golden ratio of our macro trend! The 0.618 from our low of 0.23 to our swing high of 0.46 (interesting it was almost exactly a 100% move). The 0.618 currently sits around 0.325. If we find support here this could be a good macro sign of liquidity being respected. Just wanted to point this out for ADA fans to monitor over the next couple days.
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