ADABTC is being shilled nowadays as a coin that can repeat EOS style 2018 Pump when it posted 600% gains. Let’s have a look & see if ADA has the Whales Power to actually get there.
Lets start with checking the Whale (Large Investors) Activities since inception.
ADA has witnessed 4 Major Pumps since its inception. The first one was during the 2017 Bull run when it posted 3134% Gains. After the Pullback in 2018, ADA witnessed 148% Follow Up Pump. Since, than ADA managed to post 42% once and 56% recently. The Price Action in the current area is rather strong. However there is a strong Horizontal Resistance coming up, which must be overcome before any meaningful upside. Looking at the Whale Activity Chart. we can assume, the Whales are fairly active in ADA. Thats a Plus from the perspective of liquidity & market influence. Now, let’s check the chart to understand how much ADA needs to pump in order to get to 23.6%, 38.2%, 50% as well as 61.8% & 78.6%.
ADA needs to post 154% gains from the bottom bottom to reach 23.6% Fib Level assuming we draw the fib on a closing candle in a weekly chart. While 233% gains are required to attain 38.2% Levels. On the top end, ADA needs to post 988% Gains just to reach All Time High again. Can ADA do it? Well for now its stuck against a Local Resistance. Let’s go and check the next chart to understand that.
As we can see there is a Horizontal Resistance coming up and ADA might want to take some breather & trade softer before breaking out or breaking down. Let’s Zoom that area and see how it looks.
Draw this Resistance Zone on your Chart. As long as we hold this Resistance, Expect a Pullback towards 200 Day MA which is acting as a support currently. Plus there is an up-trend-line coming up. I would like to position myself to buy somewhere around that. However i am also open to BUY the upside break. Off course those who are trading at Bitmex will be trading both Buy Support and Sell against Resistance but i am focusing on BUY Side as far as Binance is concerned.
My VERDICT: Will wait to buy on a Pullback after the Upside Break above 1350 Sats or will consider buying the Dips towards 200 Day MA & Up-trend Line.
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