Before we go on with our exclusive daily technical analysis, you can read about what is ADA and the Cardano project to have a better insight.
Two days ago, ADA price failed to surpass the $1.48 to $1.49 zone and had to back down to $1.40. Yesterday however, the price was found support and had a chance to turn upward again. During the bull run, ADA price moved beyond $1.42 and $1.45 and managed to touch $1.50. As of now, ADA price is around $1.4650 and is trying to break the $1.47 barrier.
ADA Price Action Analysis
Taking a look at the 1-hour chart, we see ADA price inside a falling wedge pattern near the bottom at $1.40. By reaching the bottom of the wedge at $1.40 and the upward trendline it found support and started a new upward trend. During the rise, ADA price had a 7% increase and successfully broke through the $1.42 and $1.45 resistance levels to reach $1.50.
However, it failed to surpass $1.50 and had to back down to $1.45 near the 50% Fibonacci retracement from the latest rise.
Currently, ADA price is within a triangle pattern with support at $1.46 and resistance at $1.47.
In case of breaking through the top part at $1.47, we can expect further growth. For the bullish scenario, the $1.50 to $1.51 zone is the first resistance level. Following that, the $1.55 and then the $1.6 will be the next ones down the line.
On the other hand, if ADA fails to surpass $1.47 and lose the support zone at $1.46 to $1.4580 at the bottom, we can expect further decline.
For the bearish scenario, the $1.45 and the $1.44 near the upward trendline and SMA100 will be crucial support levels for the price. Any further decline can bring the price down to the $1.42 to $1.4 zone.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for ADA is on a downward momentum.
RSI: the 1-hour relative strength index is approximately 52.
Resistance levels: the first support level will be $1.47. Then the $1.50 to $1.51 zone will be next. Following that, the $1.55 and then $1.57 will be followed.
Support levels: the first support for ADA is around $1.46 to $1.458 zone. Then the $1.50 to $1.51 will be the next down the line. The important support however will be at $1.50 and then $1.60.
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