This analysis discusses the current trends in the cryptocurrency market, including ADA, AAVE, and TON. Potential entry, exit levels, and risks for investors are examined.
Technical Analysis of ADA
ADA has formed a descending triangle over nearly six months, potentially signaling a trend reversal. A false breakout in early March highlighted bullish weakness, with prices continuing to decline and failing to break previous highs. Signs indicate bearish dominance.
Typically, a triangle breaks out or down at about two-thirds to three-fourths completion. Currently, ADA is about ten days from reaching two-thirds. With the price recently breaking below previous lows, investors may consider establishing short positions.
Technical Analysis of AAVE
AAVE’s three-month uptrend broke its ascending channel yesterday, with a 4.7% drop. If the price retests the pressure zone, a short position can be established.
Entry prices range between $276 and $285, with take-profit levels at $240 and $220, corresponding to the yellow and green support zones. Stop-loss can be set at the previous high of $293.8, based on individual risk tolerance.
Technical Analysis of TON
TON broke its trendline last Friday, found support near $2.9, and rebounded but faced resistance at $3.05, leading to another decline. The price has consolidated in the support zone for about five days. However, the inability to break upward and low trading volume suggest a likely continuation of the downtrend.
As of writing, TON is at $2.98. Investors may consider short positions in the $2.98 to $3 range. Take-profit levels, based on pattern analysis and support zones, can be set at $2.8, $2.65, and $2.4. Stop-loss should be placed above the previous high of $3.05.
The analysis of current trends in cryptocurrencies ADA, AAVE, and TON indicates significant bearish influences. Investors should exercise caution and consider the specified levels for entering positions.
