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Now, the price action is retesting the $0.695 level and this price point offers an interesting opportunity to traders depending on what the price does next.
If ADA drops below that level, a short position with an exit target at $0.650 and an entry price at around $0.690 (after a bearish breakout is confirmed) offers a decent 1.7 risk-reward ratio.
On the other hand, if the market bounces off this level, the upside potential would be even higher if ADA retests its most recent lower high at around $0.74. In this case, at current levels, this long position would offer an RR ratio of 2.
As volatility subsides, stop-loss orders can be tighter than usual. However, as sentiment gauges stand at heavily depressed levels, if buyers perceive that the market is getting close to a bottom, this could trigger a buying spree at any point.
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