Like many other older tokens, ADA has seen a huge increase in value over the last couple of days. However, we’re still in a downtrend, so be wary of entering longs at this stage.

As seen on the chart, ADA has been trending down ever since hitting $3 last summer. During this period, a strong down sloping trendline has been keeping the price in check (and bearish ).

As long as we’re trading below this trend line , I’m not looking for bullish entries. Furthermore, in case we continue going up, I’m expecting strong selling pressure to occur once we reach the trend line . Bears will be scouting for short entries, be aware of that.

Happy trading!