#ADA is consolidating within a large descending wedge, a typically bullish pattern, with multiple rejections near the $0.85 resistance. The current pullback is testing the critical support zone at $0.73–$0.69, which aligns with previous demand and wedge mid-level. If bulls defend this area, ADA could build momentum for a breakout above the wedge, targeting $1.17 as a medium-term objective. However, a breakdown below $0.69 would invalidate the bullish setup and expose ADA to deeper downside toward $0.58 or even $0.42. Until then, structure remains neutral-to-bullish with pressure building at the apex of the wedge.
#ADA is consolidating within a large descending wedge, a typically bullish pattern, with multiple rejections near the $0.85 resistance. The current pullback is testing the critical support zone at $0.73–$0.69, which aligns with previous demand and wedge mid-level. If bulls defend this area, ADA could build momentum for a breakout above the wedge, targeting $1.17 as a medium-term objective. However, a breakdown below $0.69 would invalidate the bullish setup and expose ADA to deeper downside toward $0.58 or even $0.42. Until then, structure remains neutral-to-bullish with pressure building at the apex of the wedge.
The lead from Wall Street offers little clarity as the major averages opened lower on Friday and then bounced back and forth across the unchanged line, finally finishing mixed and little changed.The Dow added 33.18 points or 0.10 percent to finish at 34,798.00, while the NASDAQ eased 4.54 points or 0.03 percent to close at 15,047.70 and the S&P 500 rose 6.50 points or 0.15 percent to end at 4,455.48. For the week, the Dow rose 0.6 percent, the NASDAQ added 0.1 percent and the S&P gained 0.5 percent.The lackluster performance on Wall Street came on uncertainty about the outlook for the markets following recent volatility.
The S&P 500 slumped 1.8% on Monday and Tuesday, thanks to China Evergrande, the Chinese property company that looks like it is ready to default on its more-than $300 billion in debt. Cries of the next Lehman Brothers—or maybe the next Silverado?—echoed through the canyons of Wall Street as investors prepared for the worst.
