#ADA Needs To Cool Down 25.05.2021

#ADA looks grossly overbought on the monthly and weekly time frames. The weekly candle formed a Bearish Engulfing and points to the lower prices in the next few weeks, possibly months.

Forecast

#ADA could possibly rally a bit higher to 1.80-2.00 and then fall to 0.77-0.46 or even lower. As this is a corrective wave, there is always a good chance for multiple twists and turns.

The weekly and, especially, the monthly closure would determine the path for the next several months, possibly the targets and the timeline.

I also would be concerned if this week closes above ~1.90 – it could mean that the rally in wave III has already started and no lower low is expected. Let’s see how May ends.

I’ll try to not forget to run the monthly analysis. If I do, please remind me.

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