In the article on March 5, I analyzed in detail the reasons indicating that $ADA will likely test the price range of 0.65.
Yesterday, March 11, as predicted, the price reached 0.647. So the next question is: Will the price go up or continue to drop?
To answer this question, we need to use tape reading techniques in the Wyckoff method.
From March 5 until now, we have experienced a continuous price decline for 5 days with quite good volume, indicating that the selling pressure is very consistent.
Yesterday, on May 11, we had our first green candle, but for me, this is still not a positive sign. Because compared to the candle on March 10, it has a larger volume but a smaller spread; moreover, its closing price is nearly equal to the opening price of the March 10 candle. This indicates that although demand has appeared, supply is still quite substantial. This means that there is a struggle between buyers and sellers. Therefore, the price will not be able to increase or decrease immediately, and in the near future, it is highly likely that the price will sideway within the range of 0.57 - 0.77.
