ADA up 5% following announcement of additions to Grayscale’s portfolio, such as: Bitcoin magazine Given credit. But all of these bullish turbulent moves do not determine the price movement, compared to last week ADA is down almost 14%. So will ADA be as explosive as its competitors? No price increases this year? Dan Gambardello aka Crypto Capital Venture has reply This question.
With the Alonzo hard fork coming out soon, everyone is concerned about its impact on ADA price. Therefore, looking at the fluctuations immediately before a previous hard fork will help determine the impact of the Alonzo update. Coincidentally, this is exactly what happens. ADA repeats events that occurred prior to the shell hard fork
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ADA daily chart for 2020 | Source: Gambardello liver
Between September 2020 and November 2020 the daily chart consolidated for a while. Just before the Shelly hard fork, ADA bounced off the 200-day moving average (DMA 20). It did so shortly after the DMA of 20 fell below the DMA of 50. However, while the rally kept the price from falling further, it took a while for it to climb steeply.
In mid-November the 20 DMA crossed the 50 DMA and this is a bullish signal. As expected, ADA then skyrocketed.
20 & 50 DMA crossover on the ADA price table 2020 | Source: Gambardello liver
Currently, the higher lows on the Fibonacci composite chart suggest that the 200 DMA is on the cusp of a bull market. Similarly, the DMA has 20 just below the DMA of 50. The DMA of 50 is important because when it is support the situation is bullish and when it is resistance it confirms the price.
Therefore, if the old pattern repeats, the ADA could “explode” as soon as the 20 DMA exceeds the 50 DMA.
“ADA is at a critical point on these charts. The price has to go up … We just have to see higher highs and slightly higher lows. “
ADA 1-day chart for 2021 | Source: Gambardello liver
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