Can ADA hold $0.20? It’s already down nearly 40% this year
At 21:28 Beijing time, Binance spot ADAUSDT was trading at 0.2036 USDT, down 0.10% over the rolling 24 hours. BTC was up 0.33% over the same period, at 80154.
First, a look at where it stands: ADA is now only about 1.8% above $0.20. Among the 30 most recently closed UTC daily candles, the intraday low was 0.2005, but none closed below $0.20.
Now for the report card: based on Binance’s UTC daily opening price on January 1, ADA is down about 39.0% year to date, while BTC is down about 8.6% over the same period. Based on the daily candle’s opening price 30 days ago, ADA is down about 19.8% over the past month. To put it bluntly, BTC is down a little this year, while ADA has made it more than halfway toward being cut in half.
$0.20 is a round-number level, not a floor. Stop-loss orders and limit orders tend to cluster around round numbers, so it’s common to see the price dip below, bounce back, then dip again. An intraday break doesn’t mean it has truly broken down, and a recovery doesn’t mean it has found support.
I’ll be watching just three things next:
1. Whether the UTC daily candle can keep closing above $0.20;
2. Whether trading volume picks up during rebounds, or dries up as soon as the price rises;
3. Around this week’s Fed meeting, avoid using high leverage near the round-number level.
At what price did you buy the ADA you’re holding?
This is not investment advice. $ADA $BTC
At 21:28 Beijing time, Binance spot ADAUSDT was trading at 0.2036 USDT, down 0.10% over the rolling 24 hours. BTC was up 0.33% over the same period, at 80154.
First, a look at where it stands: ADA is now only about 1.8% above $0.20. Among the 30 most recently closed UTC daily candles, the intraday low was 0.2005, but none closed below $0.20.
Now for the report card: based on Binance’s UTC daily opening price on January 1, ADA is down about 39.0% year to date, while BTC is down about 8.6% over the same period. Based on the daily candle’s opening price 30 days ago, ADA is down about 19.8% over the past month. To put it bluntly, BTC is down a little this year, while ADA has made it more than halfway toward being cut in half.
$0.20 is a round-number level, not a floor. Stop-loss orders and limit orders tend to cluster around round numbers, so it’s common to see the price dip below, bounce back, then dip again. An intraday break doesn’t mean it has truly broken down, and a recovery doesn’t mean it has found support.
I’ll be watching just three things next:
1. Whether the UTC daily candle can keep closing above $0.20;
2. Whether trading volume picks up during rebounds, or dries up as soon as the price rises;
3. Around this week’s Fed meeting, avoid using high leverage near the round-number level.
At what price did you buy the ADA you’re holding?
This is not investment advice. $ADA $BTC
