Trade ADA in Futures Market at CoinDCX
Issued on: 10th Aug’23
Valid upto: 20th Aug’23
Category: Layer-1 Blockchain
Market Cap: $10,422,412,893
Price Update:
ADA price at the time of writing (10th Aug’23, 13:37) is $0.2973, with a 24-hour trading volume decreased by 31.97% to $213,890,084. ADA price is down by 0.59% in the last 24 hours according to coinmarketcap.com.
Source: TradingView
Analyzing the above chart:
- ADA’s price movement has resembled that of MATIC after a brief surge, leading to a subsequent decline.
- Similar to MATIC, ADA’s recent trend has shifted to a bearish direction after an initial rally.
- ADA’s upward trendline was broken recently, resulting in an 8-10% drop, followed by a retest of a key level.
- The current expectation is for ADA to continue its downward trajectory from this point.
- A confirming factor is observed on the 4-hour timeframe, where ADA encountered resistance at the 200EMA and then declined.
- Also, the decrease in trading volume suggests a loss of bullish sentiment for ADA.
- Bottom support levels: $0.2814 (monthly low) & $0.2668
- Upper resistance level: $0.3030(key retest level) & $0.3107
- A Short Trading strategy can be assessed between $0.3007-$0.2966 with an invalidation above $0.3141
- On the downside, one can see a fall of 10-12% toward $0.2814 & $0.2668 (valid for 10 days)
- It would seem that one should maintain a balanced risk-to-reward ratio and check the use of leverage and position size to ride out current market conditions.
Note: ADA is now available in the futures market in both Go and Pro apps with up to 15x leverage.
LAST 30 DAYS ANALYSIS SUMMARY:
| DATE | TOKEN | Strategy (Long/Short) |
TOKEN RETURN% | TOKEN RETURN % (with 8x leverage) |
BTC RETURN% |
| 11-July | MATIC | Long | 13.69% | 109.52% | 3.77% |
| 12-July | DOT | Long | 9.87% | 78.96% | 1.82% |
| 13-July | BEL | Short | 12.78% | 102.28% | -2.98% |
| 20-July | STX | Long | -3.62% | -28.98% | -4.36% |
| 21-July | SAND | Short | 4.57% | 36.55% | -0.95% |
| 25-July | DOGE | Long | 6.97% | 55.76% | 0.95% |
| 26-July | WLD | Short | 7.60% | 60.81% | 0.95% |
| 28-July | ETH | Short | 2.53% | 20.27% | 0.36% |
| 1-August | OP | Short | -5.33% | -42.64% | 0.43% |
| 3-August | BCH | Short | 6.39% | 51.12% | -0.52% |
| 4-August | FLOW | Short | 6.16% | 49.28% | -1.90% |
| 4-August | 1000SHIB | Long | 13.96% | 111.68% | -1.06% |
| 7-August | MAGIC | Long | -2.59% | -20.75% | -1.69% |
| AVERAGE RETURN | 5.61% | 44.91% | -0.14% | ||
| SUCCESS RATE | 77% |
Return % is calculated based on pricing data as available on the platform and is valid for 15 days from the date of publishing.
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